On a bit of a post frenzy this

On a bit of a post frenzy this morning... however... one thing I keep noticing.

The market still looks strong on the surface, but it feels a lot more selective underneath.

Earlier in the move, it felt like almost anything with momentum could work. Now it feels more like leadership is narrowing and the market is forcing people to be more precise.

That’s why I’m not automatically bearish here. But I also think this is the stage where chasing random names gets a lot harder.

I still respect the trend. I’m just paying much closer attention now to which names are actually leading and which ones are only moving because liquidity is still strong.

Does this still feel like a broad risk-on tape to you, or more like a leaders-only market now?

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