Crude futures were +4% in the overnight session now down 1% on the day.
Seems fairly obvious at this point the market wants energy prices lower for us to rally.
Next week look ahead: A tale of two markets
- $QQQ new all time closing high
- New lows outpacing new highs since August 31st
- $SPY 1% from an all time high
- $IWM down 8% from the peak
- $MU with important earnings coming up this Wednesday.
- I lean to the bullish side of the market because I have been finding traction on new positions. But this is a tape where you need to be willing to flip your bias if the evidence changes.
- Leadership still persists in genomics.
- Energy names still act well, only the end of the war really tops that group in my opinion.
- $XLK $SMH $MAGS carry enough weight to lead markets higher so that is where my focus is at the moment.
This seems like the tech trade in a nutshell ( everything in Silicon Valley)
"The product doesn’t need to be useful. It just needs to attract assets and generate fees."
Make something people want.
But what they want, may not be good for them.
9/24/2026: The market message? Focus on the leaders!
- Yieldsmaxxing! 2,5,10 and 30 years all pushing higher.
- Markets had an overnight gap down but I would say it survived the stress test.
- Leadership is really standing out at this point.
9/24/2026: The market message? Focus on the leaders!
- Yieldsmaxxing! 2,5,10 and 30 years all pushing higher.
- Markets had an overnight gap down but I would say it survived the stress test.
- Leadership is really standing out at this point.
- $AMD is your current market leader with $INTC $TSM $NVDA $TER $MRVL $MU also holding their own in the semi/memory space.
- $TXG $NTRA $CDNA $TWST very impressive action continues to come from the genomics stocks.
- $CRWD $PANW $NET $OKTA $RBRK impressive group move from the cybersecurity group.
- Energy names tried to rebound today but that group is very news drive and not something I find myself playnig at the moment. $VLO $MPC $XLE $XOP
- $XLK acts perfectly fine here.
- $HPE pushing out to a new high today, $DELL into the 20sma. Should be a group to keep on watch.
- $PLTR $MSFT $NOW $TEAM software names may not have to lead but constructive action coming from those names.
- $META less than 3% from an ATH carrying the torch for the communication sector $XLC. Lets see if $GOOGL wants to hold onto its own 200sma.
- $IWO bounced at it's 200sma today and small caps are very shorted at the moment. Could that help fuel and oversold bounce?
- Traction has been a little easier to come by despite bonds falling through the floor.
- Confusing market but price is pointing to higher prices so I'm remaining optimistic unless something meaningful changes
The percentage of stocks above their 50-day SMA in my universe has fallen below 30%.
The last time we saw breadth this weak was back in March.
I’m not saying we’ve bottomed, but it certainly feels like we could be getting close, which is why I remain optimistic.
Important context: in March, breadth stayed persistently weak for several weeks before things finally turned.
Weak breadth can stay weak. I’m not trying to call the exact bottom, just recognizing that we’re reaching levels where I want to be increasingly alert for one.
- Yields out to new highs
- Breadth is absolutely horrible once again
- $SPY $QQQ flat on the day
Hard to make sense of this price action but I have more stocks working for me than at any point since April.