Morning Dose #345: Record High, Razor-Thin Breadth: Trading a Cautious Bearish Tape – Wednesday 9/23/2026

Episode summary

Despite a fresh Nasdaq record, only 24.43% of stocks trade above their 40-day average — a breadth divergence echoing December 1999 — driving a Cautious Bearish regime call. The team breaks down a hawkish Fed hike with no cuts until 2028, financials getting crushed by rising yields and AI disruption fears, and a tactical playbook built around patience, WDC, and today’s PMI and five-year auction catalysts.