This week, the US stock market closed pretty well. The S&P 7495, the NASDAQ 26474, both hovering near new highs. But to be honest, what I felt most this week wasn't "strength," but "differentiation."

AAPL surged to 310.8, just a dime away from its all-time high. The tech sector led the charge all week. Yet at the same time, NVDA fell less than a point, Bitcoin stayed at 76,800 with no movement, and the crypto side was pretty cold.
In the same market, some are hitting all-time highs, others are bleeding. This isn't risk-on; it's money choosing what to buy.
VIX dropped to 16.6. So low that I feel uneasy. I've seen too many times when low volatility at high levels suddenly turns sharply. Not that it's going to crash, but it's too comfortable, easy to stumble.
Next week is a short week, with Monday off. With low volume and high levels, I won't chase. If tech takes a breather, I'll keep an eye on finance and healthcare—XLF and XLV didn't move much this week. If money flows out of tech, they might take the next leg.
Have a great weekend.