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 |
| 6/12/2026 1:09 PM | SpaceX Takes Off |
| 6/12/2026 9:41 AM | Houston, Ready to Rock & Roll |
| 6/11/2026 1:23 PM | SpaceX IPO Countdown Fuels Rally |
| 6/11/2026 9:49 AM | Let’s Wrap Up Iran Conflict |
| 6/10/2026 1:34 PM | The Story Underneath |
| 6/10/2026 9:44 AM | The Market Beyond AI |
| 6/9/2026 1:01 PM | Perspective Over Panic |
| 6/9/2026 9:29 AM | MOMO OR BUST |
| 6/8/2026 1:32 PM | Chipmakers Recover |
| 6/8/2026 9:37 AM | THE HOT TRADE OVERHEATS |
| 6/5/2026 1:33 PM | Consolidation to Close the Week |
| 6/5/2026 9:49 AM | THE BEARS ENJOYED THE SPOTLIGHT - BRIEFLY |
| 6/4/2026 1:38 PM | Tech to the Test |
| 6/4/2026 9:37 AM | GETTING TOPPY |
| 6/3/2026 1:26 PM | Wednesday Breather |
| 6/3/2026 9:39 AM | COME ON GET HAPPY |
| 6/2/2026 1:29 PM | Strength Broadens |
| 6/2/2026 9:35 AM | THE NEW REALITY BECOMES MORE UNBELIEVABLE |
| 6/1/2026 1:31 PM | Technology Powers The Market |
| 6/1/2026 9:49 AM | Jensen Moves on Laptops & Desktops |
| 5/29/2026 1:25 PM | Tech Leading Again |
| 5/29/2026 9:55 AM | THE TECH LOCOMOTIVE GETS STRONGER |
| 5/28/2026 1:31 PM | More New Highs |
| 5/28/2026 9:47 AM | CUEING THE TRUMPETS |
| 5/27/2026 1:44 PM | Semis Cool Down |
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