Yesterday was a tepid session to be sure, as investors braced for an avalanche of data and talking heads.  Then there’s the earnings season, ‘which better be better than good.’

What a nice way to start the week with green across the entire equity spectrum. Most notably, there was strength in small-caps. I know there have been a lot of false starts, but the stealth rebound will happen amid a cloud of disbelief.

Breadth was bullish, with new highs finally exceeding new lows on the NASDAQ Composite.

Six sectors were higher, led by Technology (XLK). Still, the most intriguing action occurred in Consumer Discretionary (XLY), which finished unchanged, but had four of the top ten advancers in the entire market.

Tale of Two Consumers

Consumer credit increased 2.7% to $11.35 billion from $6.4 billion and against the consensus of $9.0 billion. Americans are charging up those credit cards again.

That brings me back to yesterday’s session. Check out the leaders in Consumer Discretionary. These are places where folks with money shop or enjoy their free time.

People that have cash are spending it, and those that don’t have cash are using their credit cards.

The rally keeps going, but it’s not as smooth as it appears on the chart.

There will be lots of macro events starting today.

Today’s Session

Lots of Wall Street ratings action in Technology including these changes from KeyBank:

Meanwhile, we are waiting on Jay Powell’s testimony on Capitol Hill.