Market commentary
A journal of changing evidence.
Notes on breadth, rotation, earnings, rates, economic data, geopolitics, and institutional leadership.
Market BreadthSector RotationEarningsEconomic DataInterest RatesGeopoliticsInstitutional Leadership
01
Market Breadth · July 8, 2026
02Reading the breadth beneath the index
Leadership is broadening selectively, but participation remains concentrated in companies with visible estimate revisions.
Read journal entry →Sector Rotation · June 26, 2026
03Rotation toward quality cyclicals
Capital is moving toward operators with backlog visibility, pricing power, and improving free-cash-flow conversion.
Read journal entry →Interest Rates · June 13, 2026
Rates, duration, and the burden of proof
Higher discount rates raise the evidence threshold for long-duration growth, making operating leverage more consequential.
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