Morning Commentary

Only three sectors finished higher yesterday, but they pulled enough weight to pull the index across the finish line. The same names (SanDisk (SNDK) and Micron Technology (MU)) continue to drive the market, but they have been joined by the ‘Big Dog,’ making a monster Nvidia (NVDA) stealth move. The grand slams are hitting air pockets like Comfort Systems (FIX) did last Friday, after posting huge numbers, and opening much higher; it got some back yesterday.

The S&P 500 (SPX) closed at a new high, but only 45% of the components finished in the plus column.

The S&P 600 (small-caps) finished higher, with 59% of components finishing in the black.

Decreasing breadth isn’t the best condition for extended rallies.

The S&P 500 market breadth is so narrow that some would consider it a buy signal.

Where market breadth goes from here will depend on earnings and guidance.

The good news is Tuesdays are the best for the market.

Today’s Session

Two major news items are moving the market this morning.
A Wall Street Journal report that OpenAI missed user and revenue milestones is pressuring names in the OpenAI universe. Sam Altman is out and about this morning denying it all, and while I tend to believe this report is overstated, the action in high Beta names is unnerving.

The other headline reveals the simmering feud between Saudi Arabia and the UAE has blown into the open.

Crude oil is higher on this news this morning.
| Tweet |
| 5/13/2026 1:33 PM | Back to Record Levels |
| 5/13/2026 9:25 AM | THAT'S NOT A MUSHROOM CLOUD |
| 5/12/2026 1:20 PM | Market Takes A Break |
| 5/12/2026 9:39 AM | “HAVE-NOTS” SLUMP WHILE Al PARTY GOES FULL TILT |
| 5/11/2026 1:19 PM | Semiconductor Strength Continues |
| 5/11/2026 9:34 AM | SUMMER OF (IPOs) COMING EARLY |
| 5/8/2026 1:28 PM | Finishing The Week Strong |
| 5/8/2026 9:39 AM | Hot Money Moves to Cold Stocks |
| 5/7/2026 1:14 PM | Taking a Breather |
| 5/7/2026 9:44 AM | Firing on All Cylinders |
| 5/6/2026 1:17 PM | Wednesday Momentum |
| 5/6/2026 9:44 AM | NEW HIGHS BEGET NEW HIGHS (WAIT UNTIL THE CONFLICT IS OVER) |
| 5/5/2026 1:43 PM | Market's Continued Momentum |
| 5/5/2026 9:45 AM | DRUMBEATS GETTING LOUDER |
| 5/4/2026 12:44 PM | Choppy Morning |
| 5/4/2026 9:49 AM | FOCUS ON FUTURE BEYOND SPEED BUMPS |
| 5/1/2026 1:24 PM | Mega-Cap Strength Sets The Tone |
| 5/1/2026 9:24 AM | Closing Out April |
| 4/30/2026 1:26 PM | Earnings Season Heats Up |
| 4/30/2026 9:35 AM | Focus on Future Beyond Speedbumps |
| 4/29/2026 1:22 PM | Fednesday & MegaCap Earnings Bonanza |
| 4/29/2026 9:38 AM | POWELL'S LAST HURRAH |
| 4/28/2026 12:54 PM | Market Takes a Breather |
| 4/28/2026 9:35 AM | SMALL-CAP THE “BETTER” RALLY? |
| 4/27/2026 1:27 PM | Busy Week is Getting Started |
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