A Record Headline, Weaker Internals
The Dow closing at a record while the Nasdaq, semis and crypto all fall is the kind of split tape I find more telling than a clean rally.
What the rotation is saying
Late in a cycle, leadership narrows and then rotates. Capital left high-multiple AI names and moved into financials, with Blackstone up 7.5%. That is classic defensive-cyclical rotation, not broad strength.
What I would do
I am not selling everything, the broad trend is still up. But this is the moment to trim the most extended winners, raise a little cash, and stop paying any price for growth. Think like a bear, invest like a bull. The bottom line: respect a tape where the index hides what the leaders are doing.
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