On Monday, the major indices were tempered by a 5.5% jump in crude oil (WTI) prices, but the large-cap indices still rose from 0.3% to 0.6%. Technology (XLK +2.5%) and Energy (XLE +1.8%) were the only two sectors that rose. Utilities (XLU -3%) were the weakest, followed by Consumer Discretionary (XLY -2%), and Real Estate (XLRE -1.6%). Healthcare (XLV) and Consumer Staples (XLP) fell 1.1%.

While the large-cap indices make all-time highs day after day, there are cracks everywhere else. This includes secondary indices, sectors, industries, and individual stocks. We have talked about poor market breadth, and perhaps the only thing we can say is that most money is invested in the mega-cap indices, so there is no problem until there is. We hear it's different this time -- and for now, it certainly is. How long the AI party will last is unknown. So as we always do, we'll leave it up to price.

Most indices saw little change on Monday, which was not surprising given the pending earnings reports from companies with trillions in market cap. We get the sense that many investors were surprised by the torrid advance in stocks since March 30 -- and are chomping at the bit for a pullback opportunity to increase equity exposure. History suggests that any price deterioration could be very mild and short in duration, but we still think (and it shouldn't be a shock) there may be at least some congestion/pullback after the recent price spike and subsequent spiral in bullish sentiment.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.