The market can go higher and get cheaper at the same time and the extreme fear can move to neutral. But when the latter moves too fast to the left (toward fear), it is not about the market, often it's about other things.

I say let's ride the wave - we came into today's session one hundred percent vested in the model portfolio - but we must be aware that part of this story will fizzle. 

• Rate cut hopes.
• Strong economy illusions

Also, I'm becoming more concerned about the Fed’s credibility.  Dallas Fed President Lorie Logan said it's too soon to consider cutting rates and even suggested borrowing costs may not be holding back the economy – that’s sensible to me but would Powell admit as much? 

Mega cap stocks are driving today’s gains. The biggest gainers are in Industrial and Technology.

Have a great weekend.