Yesterday was another fantastic session for the market, led by the Communication Services (XLC) and Energy (XLE) sectors.

I’m not sure why Enphase (ENPH) keeps appearing on the top advancers list (we are investigating). Commodity names on the list are compelling.

NASDAQ-100

"But wait, there's more!"

-Ron Popeil

There has never been a collection of names like those powering the NASDAQ-100 (NDX), and the appreciation of these names has been something to behold; there could be a whole lot more.

The NASDAQ-100 has broken out to new highs, and in the process, the chart has formed a “Golden Cross,” one of the most reliable technical buy signals.

Calm

The Volatility Index (VIX), also known as the Fear Index, is nestling into an area of complete calm.

The Water’s Fine

My only complaint about the rally is the need for an even broader participation.

Green on the Screen

It was another day with small-cap stock outperformance, which has to be monitored closely despite all the false alarms.

I’m not sure where, but at some point, the ten-year yield will spark a run on the iShares Russell 2000 ETF (IWM) and the small cap S&P 600 Index.

We may see greater movement on the tariff front.

This morning, it will be all about PCE inflation.

Today’s Session (waiting)

The personal income and spending data released this morning were intriguing but not shocking. There was a 0.1% uptick in inflation data, which fell short of the dire predictions.

The income was -0.4% M/M, but that was due to changes in social security and farming assistance programs.

• Private sector service compensation: +$35.9 billion
• Private sector goods compensation: +7.5%

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