Yes, the rush up to 5,100 for the S&P 500 (SPY) was impressive. But just like last year we see far too much of the recent gains flowing towards the Magnificent 7 stocks. A lot of that thanks to the “off the charts” earnings report from NVDA.
Unfortunately, the wider we look...the harder it is to feel uber bullish. Especially true with Fed signals pointing to June being the first rate cut (and again...maybe even later than that).
