Doing What They Do Best. You probably guessed “they” as quite a few things here – investors buying, tech rallying, Fed manipulating…correct by all accounts. Tech is leading the charge once again today as investors (according to the BofA survey) have now gone from believing we are “in a recession” to believing we are in “early cycle.” The power of The Fed is on full display as per the S&P currently on track to set a new all-time closing high. And the power of Apple (+3.5%) is on full display as the Nasdaq rallies yet again. However, retail has had quite a day after Kohl’s got destroyed and WMT warned that lack of stimulus would take a toll on the consumer. Q2 was the height of reopening / recovery but might as well be ancient history at this point. Either way, the S&P and Nasdaq don’t seem to mind.
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