Friday was an encouraging session with ten of eleven sectors moving higher. Meta Platforms (META) made a ton of moves, and now, the Street is coming around to Zuckerberg & Co. Overall, it was an eclectic leaderboard.

Moreover, there was movement beyond momentum. But large-caps were the big winners last week, as caution drove investors toward safer ideas.

Warsh & Banks

Lots of good stuff this week, including Fed’s Warsh going to Capitol Hill.

And earnings season officially kicks off tomorrow with the big banks.

I’m pumped to shake off the summer doldrums.

Today’s Session

Once again, the market is taking its cue from the Kospi, which got hammered overnight, kicking in circuit breakers for the seventh time this year versus six times since its inception in 1998.  This is a heck of a haircut, but the Composite is still significantly higher since last April.

Interestingly, Kospi has never been cheaper. This blowoff is not based on fundamentals.