We are seeing the market eke out a gain, with all three growth sectors that were lower on Friday.

But when will the market give up on growth? which is excessively extended and overvalued.

Conversely, value is oversold in every imaginable way.

Broadening Rally

At one point, there were 460 more new highs than lows on the New York Stock Exchange (NYSE) on Friday. That’s the most considerable intra-day level of 2024 and a perfect sign.

Many charts are floating around to remind us that this is not 2000 – yet. Most pegged the rally around the same time as 1995-1996.  Even if the correlation is closer to 2000, the market hasn’t gone through its parabolic moment when everything surges.

Did someone say: “Devil-may-care?”

Portfolio Approach

We are adding a new position in Industrial this morning to the Hotline Model Portfolio.

Today’s Session

Market bias is to the upside, and it probably remains that way until something big like a huge miss on PCE alters the course.  But the longer this rally goes, the more volatile it will become.

That will likely add anxiety to late-comers, but remember, the natural inclination to doubt everything is why someone would be a late comer in the first place.