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In the battle of “don’t fight the Fed” and “don’t fight the tape,” the tape is clearly winning, and given that one mega-cap technology stock was recently bigger than the entire Russell 2000, it doesn’t take a lot to lift the underperforming areas like small-cap and banks that have caught a bid.

The market has been broadening out on earnings not being as bad as they could be, but ultimately, to keep that bid, there needs to be an improved outlook for earnings. A rebound in earnings historically comes from a reduction in rates and an improvement in the outlook for money, profit margins, and earnings