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.