The economy is firing on all cylinders.

Household balance sheets are the best ever.

Americans sitting on $6.0 trillion in savings, of which half is considered excess.

And we learned consumer sentiment has climbed to reading of 88.3.

Consumer Sentiment

Meanwhile, just when you didn’t think the manufacturing renaissance could get any better, the Chicago PMI came in better than expected.

Chicago PMI

If the market were not so counterintuitive from time to time, it would drive people mad.  As it stands, it is hard to justify even the notion “good news was baked in” the market.  This is GREAT news.

By now, you know I actually like when the market zigs when logic says it should zag, as it allows me and my team a chance to zero in on opportunities. 

I like being ahead of the crowd, and lately, investors had gotten so comfortable with chasing thematic stuff they wanted to beat the market every day.  I know – took a lot of heat on names like Camping World (CWH) and Granger (GWW) – because for some that became the yardstick for measuring my work.

It’s a dangerous thing and in the end leads to heartache. 

As for the board market, I think this is a consolidation phase.  But winners will become more selective even when the market drifts higher.

Have a great weekend.  Be safe and stay well.