Hopes may be dimming on Wall Street that the Fed will be lowering rates anytime soon, but on the other hand, the stock market often thrives on pricing power. 

So far this month, the DJIA is the #1 performer among the major market indices, even edging out the Nasdaq, which has been the #2 performer in May. 

Even with all the rotation we’ve seen in the market the last several weeks, the major market indices are tracking very closely with one another in terms of their year-to-date performance… 

As we move through the month of May, the question becomes, “Will this be a year of ‘Sell in May and go away’?” 

The 1st quarter earnings reporting season has arguably been a factor with respect to the market’s durability and elasticity in recent weeks. 

From the start of this year through mid-April, bearish sentiment has been tracking in the low to mid 20 percentile… 

For a number of months now, the AI theme has caught the attention and imagination of investors, and there certainly has been a lot of “hoopla” around this category. 

Yesterday’s decline was blamed on investors’ anxieties about today’s Fed decision regarding interest rates. It’s a bit of a head scratcher because the Fed did telegraph the greater likelihood they may not move to lower rates right now… 

The recent sharp and sudden downturn in AI stocks and technology generally, I think really illustrates, and underscores, the underlying technical strengths of this market… 

The beauty of the stock market runs more than just skin deep. Last week the S&P 500 posted its best weekly performance since last November.