The Stock Market is in an interesting moment of time.
The Bulls are pointing to earnings growth at a level we have never seen before by the largest companies on the planet.The Bears are pointing to Oil continuing to surge higher and the Equity Risk Premium essentially being zero with one or two sectors contributing to the majority of the gains.I spent all morning compiling every chart, every counter argument, and tried putting it together into a cohesive explanation for why this rally has been so historic but what could also be troubling about it.Historic rally:- Semis most overbought since 2017, best run we have ever seen for them- April up 10% on the S&P- Best earnings growth across the board since 2021 as hyperscalers increase capexWhat's troubling about it:- Oil still over $100- Financials are down for the year and not participating in the rally- Japan continues to manipulate their currency and the Yen is part of the global tech trade- Bond yields aren't coming down...at allThe Stock Market Is Ignoring All The Bad Things, butmaybe, for the right reasons...Article below ⬇️Source: amit
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