Yesterday was a good session that withstood a barrage of reports that the “ceasefire” had ended as quickly as it began. Industrials (XLI) led the way, which is a great sign for efforts to reindustrialize the nation.

Chips Take the Lead

Lots of chip names finished among the biggest advancers on the session, along with optic names, which continue to smoke. Last year, semiconductors (SMH) took the lead coming out of the tariff tantrum, with a monster gap opening in May. Yesterday was a similar gap opening.

Waiting for the Bubble

Folks, I think tech is comparable to 1996 rather than 2000 or 2001. There is another major wave coming.

Too Much Heavy Lifting?

Yesterday, I marveled at the S&P 500 (SPX) opening above the 50 and 200-day moving averages after closing below them on Tuesday. Still, the three other times this has happened, the market was subsequently down 13%, 16%, and 14%.

This one breaks the pattern.

Mmm…Good

Call it “TACO” all you want, but it's been a marvelous spark for the market that critics should get over and learn to profit from. Nine of the 10 biggest sessions during Trump’s presidency have been the so-called “TACO” trade. According to the WSJ, owning stock on those days alone would have earned an investor 52%, compared to 12% from just buying and holding.

Fragile Truce

VP Vance called the ceasefire a “fragile truce,” so all eyes are on the flow of traffic through the Strait of Hormuz.