The market rallied into the weekend, but it was a sloppy week, and for the first time in breadth, it was negative each day, while the S&P 500 was higher. Growth, momentum, and quality led the way.

Momentum is trying to break out, which is appropriate for all the excitement.

Turn the Fear & Greed Index off and pause a few beats, then turn it back on because it's not working. The Fear & Greed Index should be in ‘extreme greed,’ not neutral.

All arrows point north, and I suspect dips will be short-lived as everyone tries to get in on the action, particularly the pros, who have missed too much of this rally.

Today's Session

The market has been on a slow, steady march higher. The most impressive part might be the lack of volatility. The experts told investors to brace for wild swings, but it's been a calm walk through the park lately as daily moves have declined.

Now, the smartest guys in the room are leapfrogging each other for the higher target in 2025. 

Oppenheimer moved into the lead this morning. It is looking for the S&P 500 to hit 7,100 in 2025 and trade with a forward PE ratio of 25.8 times.

Wow!

This is unheard of for a large firm, but they are saying it’s all about the impact of AI. BlackRock (BLK) made a similar observation last week.

I was already on this bandwagon.

Stocks Pickers Market

Interestingly, even with the S&P 500 rallying 0.96% last week, the average stock was -1.37%.  It sounds corny in part because it's always true. More so than usual, this is a stock pickers market.