The S&P Looks Fine. The Market Underneath Is Not.

A read of where capital is actually moving across indices, sectors, and the mega-caps — and what we're doing about it in the books.

Here’s the trap the headlines are setting for you this morning: the S&P 500 is down a quarter of a percent and still up 9% on the year. Sounds like a sleepy, grind-higher tape. It is not.

Underneath t…