Morning Dose #322: Breadth Breaks, Defense Wins: Trading the Fed Minutes Session – Wednesday 8/19/2026

Episode summary

Twenty-day market breadth collapsed from 98% to 55% in a single session, triggering a cautious regime call ahead of today’s 20-year Treasury auction and FOMC Minutes. The hosts break down the flight into defensive sectors, why strong earnings from Fabrinet and Target are getting punished anyway, and lay out a controlled-risk playbook keyed off SMH and the 2 p.m. print.