Today's Post - https://bahnsen.co/46Z4Xj5

This is the longest winning streak (number of up days) for the S&P 500 in two years. One of the least encouraging things? The delta between cap-weighted and equal-weighted results … Top-heavy doesn’t end well. But nevertheless, markets are enjoying a very strong rally over the last week and a half.

Oil was hit hard today (down over -4%). Some traders think things will settle in the Middle East.

It appears S&P earnings growth year-over-year for this earnings season is going to top +5.7%, with revenue growth of +1.2%. Margin expansion has been something to behold and has a lot to do with market resilience in this challenging rate period.

Office behemoth WeWork, officially declared bankruptcy. Shiny objects are painful to watch implode. The ramifications to commercial office space will be notable, but it does appear creditor restructuring has been reasonably pre-negotiated and is not likely to result in huge vacancies hitting the market.

For all the weakness in manufacturing and insistence that construction is hurting and (especially) China’s weakness, why is iron ore doing so well and copper basically hanging in there?

Links mentioned in this episode: