Tuesday was another solid session. Buyers were being lured out of shallow foxholes, and their memory of the easy days since October of last year was much greater than that of significant past downturns.                                                      

I was surprised at the big decline in Materials (XLB), the only sector in the red yesterday, but I’m not surprised the growth sectors led the broad market higher.

Coming into the session, I noticed that every sector was down for April. The S&P 500 is still lower for the month and unlikely to break its five-month winning streak.

Fear, Greed, and Opportunities 

Nothing motivates the buy-on-dips crowd more than a sense of missing the bounce. As the needle moved toward greed, urgency increased. Interestingly, small-cap growth was the best factor.

Tesla

Musk posted the ugliest earnings report in many years, and the stock popped. Considering the stock looked oversold, it's not too surprising, but this is a massive move for a company producing less expensive cars. Musk is all in and thinks the hybrid craze is a phase. Plus, they have stuff (see below) on the drawing board.

Tesla (TSLA) is also sitting on a ton of cash.

Today’s Session

With beleaguered names like Tesla (TSLA) and Boeing (BA) leading the way, the market looks to open higher.

This is great, but we must contain our collective glee for big upside tests. The S&P 500 closing over 5,120 would be huge.