
Almost Everyone Rallied. One Sector Didn't Get the Memo.
A cooler CPI print lifted almost every sector this week. Consumer Discretionary did not get the memo.
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A cooler CPI print lifted almost every sector this week. Consumer Discretionary did not get the memo.

Every week I show a chart like the one above, a box for each sector, a dot inside each box, whiskers running out the top and bottom.

A five-day round trip in the market's favorite defensive trade, and what quietly took its place.

The sector leadership I have been tracking for a month just changed hands. And the same thing that crowned the new leader is quietly taxing everyone else.

The Nasdaq had its ugliest week in months. VL breadth data went up. Both are true — and the gap between them is the only thing worth reading about this week.

Breadth cracked on Wednesday, then most of it healed by Friday. But look closely at what did the healing...

The market had its strongest breadth week of the summer — on a holiday half-week when everyone had already left for the beach. And the sector leading it wasn't the one you'd guess.

The headlines said tech was falling apart. Underneath, almost everything else was quietly getting better — and Friday set a record nobody noticed.

Everyone got the relief rally they wanted. Then the Fed cracked it on Wednesday. On Thursday, we saw biggest liquidity event year-to-date and smart money flashed its hand.

This week’s breadth feels like a market that wants to trend, but keeps checking its rearview mirror.