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“I’ve got an old saying: at the poker table, you’ve got to pay to learn. You can talk all you want, but you’ve got to get in the game.” – Steve Cohen

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

Even though the S&P traded higher on four of five trading days last week and finished the week up nearly 1%, the index saw more decliners than advancers (negative breadth) on all five trading days.  Fortunately, the index had a streak of seven straight days of positive breadth heading into last week, so maybe it was just downside mean reversion, but we’ll be watching breadth closely over the next few days.

As shown below, eight sectors fell more than 1% last week, while three sectors gained more than 2%.  Last week was a mega-cap AI-led rally, while pretty much everything else traded lower.