After one record high in 2022 and none in 2023, the S&P 500 has posted 14 new all-time highs thus far in 2024.

And yesterday was the power template that has made it possible- outsized strength in growth sectors.

Interestingly, the Industrial sector (XLI) has the most significant number of companies changing hands at record highs. Not surprisingly, defense sectors have the most extraordinary shortage of winners.

New highs and lows are flashing very bullish signals now. 

Today’s Session

Although Fed rate cuts have faded as the primary driver of the rally, there are still three rate cuts underpinning the optimism of the rally. 

Now, the top strategist at Apollo is saying there will be no rate cuts.  That means he sees a strong economy, but the market traded in good-news driven rallies for Fed free-money rallies in the Greenspan era.

Right now, bias is still strongly to the upside, and we have to ride the wave.