What a refreshing bounce that survived an onslaught of tariff headlines. I heard about auto tariffs but saw that the standout niche of the session was automobiles and components. A headline about Japanese automakers being worried also seemed odd, considering the big news from Hyundai (HYMTF).

Lots of Green

Yesterday, I had a feeling that Kermit the Frog would like it since it was beyond belief. It was just simple joy that the same headlines that drove algorithms crazy and nudged many investors to sell didn’t work. The heat map was strong, and it wasn’t just Technology (XLK) and Communication Services (XLC) that enjoyed strong outings.

Same Tide

Once again, extended factors climbed higher with momentum and growth, and they retook the lead.

Hanging Tough

Yesterday was the fifth anniversary of the COVID-19 low. A fierce drawdown that established the record for the fastest bear market and fastest recovery. 

Judging where the market has come since then, it's critical for all investors to continue holding core positions through ups and downs and, at the very least, to stop panicking. Leave that to the experts.

Today’s Session

More soft data “shock” as the Philly Fed Manufacturing number comes in at the lowest level since May 2020.  The plunge in future activity was driven by (drumroll) “uncertainty.”