I love the action in the market. There is a fair amount of skittishness, which is healthy, but buying is broad, including the search for value, which is benefiting small-cap value. 

Along the same line of thought Energy (XLE) continues to climb higher in part due to rising crude prices, but also favorable risk-reward ratio.

The Crowded Trade?

CrowdStrike (CRWD) reports after the close, and the stock acts great. Ironically, the shares were hit in the following week after posting results for the prior three quarters.

However, it's breaking out on convincing volume. 

Economic Data

New orders for manufactured goods declined 3.7% M/M in April following a 3.4% rise in March and below the forecasted 3% drop. One key caveat is that orders for transportation equipment fell 17.1% due to the halt in Boeing (BA) aircraft demand following initial tariff announcements. There were also some notable increases with computers and electronics seeing a 1% rise, a 0.6% increase in machinery, and a 0.9% rise in fabricated metals.