Yeah, yields are a little hotter today. Are they responsible for the tough tape? This heat map tells a different story.

Nvidia is $2.5 trillion – trillion with a “t” – company. You can’t have a 9% rise in a company of that size in a single session without a lot money coming to buy the stock all at once. That money has to come from somewhere.

Looks like that money is coming from pretty much every other stock listed on a U.S. stock exchange. Dynamics such as this don’t persist long. Feels like a good day to average into some high-conviction names at a 1-5% discount.