There's something strange going on in Tech Land.
On Friday, the hit a historic high and the made multi-year highs, but breadth was negative with three stocks declining for every two advancing.
Huh? Historic highs for the Nasdaq, but more stocks declining than advancing?
That is a weird divergence, and there's a reason for it.
The leadership is very narrow. A small group of tech stocks are pushing the indices higher. And that is worrisome.
But technology really matters. It's 20 percent of the market cap of the S&P 500, the largest sector.
Right now, there are four technology stocks that really matter.