The S&P moved above near-term range. The DOW moved above near-term range. FINANCIALS, which were dormant, woke up. (Very important)
Notwithstanding settling down or small pullbacks, market is gaining strength here. New highs picking up. Growth continues up. We do suspect some of the big leaders settling down near-term but think there is more to go as many have edged out of 3-5 month bases.
Not sure we need to add more. Don’t want to confuse things. May 3 was THE LOW. AND with new highs in the RUSSELL, NAZ, NDX…not much more to say.
Keep in mind, last time we were at 3.8% unemployment, fed funds was over 6%. Now? Fed funds is at 1.&%. Strong economy combined with ridiculous easy money not only here but easier around the globe.