$IBM(IBM.US)IBM’s surge after Trump’s comments was hard to watch, but it says a lot about the current market. Investors are willing to aggressively chase anything that carries a clear narrative, policy tailwind, or perceived certainty, regardless of how stretched the move already looks.

Meanwhile, stocks without an obvious catalyst keep getting sold. Software, small caps, and many former growth favorites continue drifting lower even when fundamentals haven’t changed much. The market isn‘t rewarding potential right now—it’s rewarding visibility.

That’s probably the biggest theme underneath the surface. Capital is becoming increasingly concentrated, and anything outside the favored stories struggles to attract buyers. It makes for a frustrating environment, but also explains why some names keep rising while everything else feels stuck in a bear market.

@Bridge Buzz SG