Chip momentum holds while energy war premium quietly bleeds out.
A session of narrow breadth and shrinking dispersion rewards holders of multi-week semiconductor momentum while punishing anyone expecting a clean defensive bid in utilities or healthcare.
Monday's session was a narrow, low-conviction affair: only four of twelve sectors closed higher and total top-to-bottom dispersion reached just 1.17 points, with semiconductor and specialty chip names providing most of the positive impulse while healthcare and utilities weighed on the tape.
Since the last briefing
Friday's briefing described a bull-flattening yield curve as energy cratered and cyclicals quietly led, and flagged rate-sensitive cyclicals and utilities for closer watch given the apparent reversal of the prior session's primary risk.
What drove the session and how it transmitted, the exposure table by persistence grade, where the committee disagreed, its verdict and weighting, and the falsifiers that would prove it wrong.