Major indices edged higher on Monday, but so too did crude oil and bond yields. High-beta tech names carving out unique positions across a variety of niches won the day.

Wider Participation

Consumer Discretionary (XLY) led all sectors, although weakness persists in autos.

I’m pleased to see wider participation and the pace of names clearing their 50-day moving average. This market has been weighed down by “Mag Seven” and is poised to rally without them.

For years, pundits and market bears complained bitterly about the outsized influence of “Mag Seven” names, but now Microsoft (MSFT) alone is pressing the S&P 500 (SPX) lower than the “Other 493.”

The rally stalled last October when the daily call volume peaked. When that action resumes, it could be the ultimate buy signal.

Today, Iran must respond to President Trump's deadline for action. There is movement, but the clock is ticking, and the market heard it loud and clear.

It was interesting that Trump’s initial comments yesterday took the air out of the market, but his long press conference attracted buyers, who heard a glimpse of hope here and there.

I heard them, too.

Today’s Session

Today is the day Iran steps to the plate or braces for an onslaught that takes the conflict to the next level.  I suspect those in charge in Iran have been emboldened by the American and Western media, but the outcome will only get worse for them the longer this lingers. 

Interestingly, oil is higher this morning, but the oil contract suggests WTI finishes the year at $73 and moves lower from there.

Moreover, the Energy (XLE) sector has moved lower since WTI rose above $100.00.

As usual, there are lots of developments in the world of AI, including Anthropic, which is now seeing revenue of $30 billion, up from $1.0 billion at the start of 2025.

Make sure to really read what the market is saying, not the pundits. 

Yes, the duration of the Iran conflict matters and can alter early positive economic trends, but the market is hinting that it won’t be the case. 

Here is an update from Charles Payne:

Comments

I deeply appreciate the video updates. Thanks for your guiding hand. Carl Bushko on 4/7/2026 1:08:51 PM

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