The market went into the weekend with swagger and confidence, led by an eclectic mix of names.

Large-cap names enjoyed a strong showing, as cautious investors shifted out of low-volatility and revenue stocks, but remained invested in larger names.

I wouldn’t be surprised if there were consolidation this week, but it would likely mask a market where more stocks are trading higher than in prior weeks, with profit-taking in mega caps. I think 6,609 could be a key support point. 

Today’s Session

There is some angst early this morning which comes with the territory of record high levels.  Most of the concerns have been around for a long time. 

Things like valuations only matter when the market does turn lower and it’s used to fan the flames – but remember those who have fanned those flames, have missed the entire move.

The news on H1B is intriguing for certain companies; however, it is fantastic for a system that, like so many things that originate out of D.C., might have been smart and purposeful but it is now abused to the detriment of native-born Americans.