Market Misbehavior with David Keller, CMT

The S&P “Duck” Market: Gina Martin Adams on Concentration Risk, Earnings & Sector Dispersion

Dave Keller, CMT

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0:00 | 44:11

In this episode of the Market Misbehavior podcast, Dave is joined by Gina Martin Adams, Chief Market Strategist at HB Wealth. Recorded 2/17/26.

We dig into what’s driving markets in early 2026—why leadership has shifted away from large-cap growth, how earnings season changed the outlook (even as Q4 results beat expectations), and why price-to-sales ratios may be the most “bubble-like” signal in the market today. Gina also explains why consumer staples strength can be a warning sign, what small caps need to finally lead, why financials matter so much right now, and why 2026 may look calm on the surface while churning underneath—like a duck gliding across a pond.


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The content in this presentation should not be considered as a recommendation to buy or sell any security. All information is intended for educational purposes only and in no way should be considered as investment advice.