Although it got wobbly into the close yesterday, it was mostly a pedestrian session with orderly selling in Technology (XLK) and rotation in Energy (XLE), Materials (XLB), and Utilities (XLU).

Meanwhile, the midcap rally powers on and the S&P 600 acts great, too.

Piper Sandler makes the point that momentum has never had a higher weight on the market than it does right now.

The party must stop one day, but right now, it feels like it can go on for a lot longer.

Portfolio Approach

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Today’s Session

Retail Sales came in lower than expected.

PPI (inflation) came in hotter than expected.

The market shrugs.

We’ll have more on the afternoon note.