The market eked out gains on Friday, and while the biggest gains were in safe havens, Utilities (XLU) and Consumer Staples (XLP), it was impressive, nonetheless. Moreover, I think it signals a greater urgency to be ‘long’ in the stock market.

Growth Keeps Growing

Since the banking scare erupted, so, too, have growth stocks. The move underscores that size matters when things get shaky.

But the move has triggered a change of heart about fundamental stories. Suddenly, the same firms that hated key names like Meta (META) and Nvidia (NVDA) saw the light.

The price not only seduces the fast money crowd but the eggheads, too.

Market Breadth

Market breadth didn’t seem very impressive, but considering the sharp decline at the opening bell, there was a swift shift to change course.

Market Breadth	NYSE	NASDAQ
Advancers	1,862	2,492
Decliners	1,135	1,922
New Highs	23	42
New Lows	260	333
Up Volume	2.80 billion	2.22 billion
Down Volume	1.69 billion	2.01 billion

We are watching the bond market, which has been on fire, as a traditional flight to safety pushed yields substantially lower.

Portfolio Approach

There are no weighting changes this morning in our Hotline Model Portfolio. 

Today’s Session

Ladies and gentlemen, we have a winner.  First Citizens Bancshares of North Carolina is buying Silicon Valley Bank’s assets.

• 17 branches
• $119.0 billion deposits
• $72 billion in loans at a discount of $16.5 billion
• Loss-sharing transaction arrangement with FDIC

The stock is indicating up more than 50%.

This is great news, but let’s see how much conviction there is around the rest of the market.

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