Morning Dose #347: One Stock, One Costume: Why Green Nasdaq Is Hiding a Breadth Collapse – Monday 9/28/2026

Episode summary

Nasdaq futures look strong but it’s a single-stock story as NVIDIA’s buyback masks a bearish, breadth-based regime. Trump’s rejection of Iran’s ceasefire offer sends oil and yields spiking, while equal-weight indexes and small caps bleed out beneath the cap-weighted headline. The playbook today: patience, energy exposure, and waiting for the 2pm Iran-related announcement before committing capital.