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 |
| 4/28/2026 9:35 AM | SMALL-CAP THE “BETTER” RALLY? |
| 4/27/2026 1:27 PM | Busy Week is Getting Started |
| 4/27/2026 9:38 AM | THE Al STORY SHIFTS GEARS & LIFTS THE MARKET |
| 4/24/2026 12:59 PM | Compelling Close to the Week |
| 4/24/2026 10:05 AM | A “GOOD” PAUSE |
| 4/23/2026 1:19 PM | Thursday Roundup |
| 4/23/2026 9:16 AM | SERIOUS PONDERING FOR BAILING ON SOFTWARE |
| 4/22/2026 1:29 PM | Feeling Relief |
| 4/22/2026 10:01 AM | THE ECONOMY IS ON THE MOVE |
| 4/21/2026 1:37 PM | Tuesday Takeaways |
| 4/21/2026 9:45 AM | THE AI ECONOMY IS HERE |
| 4/20/2026 1:14 PM | Mixed Monday |
| 4/20/2026 9:43 AM | MONSTER RECOVERY - WHAT’S NEXT? |
| 4/17/2026 1:27 PM | A Week To Remember |
| 4/17/2026 9:37 AM | THE SUN IS BACK AND GREED IS BACK |
| 4/16/2026 1:10 PM | Coiled Spring Hits New Records |
| 4/16/2026 9:41 AM | Market Defies the Haters |
| 4/15/2026 1:36 PM | Mega Caps Move Higher |
| 4/15/2026 9:41 AM | TRUTH TELLER |
| 4/14/2026 1:32 PM | Out of the Shadow |
| 4/14/2026 9:49 AM | Impressive Session |
| 4/13/2026 1:14 PM | Software Catches a Bid |
| 4/13/2026 9:47 AM | Another Blockade |
| 4/10/2026 1:28 PM | Negotiations Approach |
| 4/10/2026 9:31 AM | LESS FEARFUL |
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