It’s a nice rebound, and while the market is still guarded, the fact the market takes a stand when it has to has been a key characteristic of the rally. Of course, the challenge has been on breaking away and regaining that unbridled excitement that faded earlier in the year.

What stands out to me is the haven sectors are down – with Utilities down a lot.  

On the flipside, Energy names are on fire, as crude breaks out, and Materials continue to ride the super cycle wave.

I’m surprised those reopening favorites aren’t up more, but it underscores the notion of stocks moving well ahead of news and events.  They could pick up the pace and resume stronger upside moves, but the bar has gotten higher, and the fundamentals will have to exceed the hype.

The jobs report looms large on Friday.

I’m in the camp that good news will be good news even with worries of inflation.  Maybe more good news will slow the notion the nation is on deep economic turmoil and must print up trillions more and create additional entitlement programs.

We do not and should not have more entitlements for authentic long term organic growth.