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The final two-month stretch of 2025 begins. 

Bulls couldn’t be in a better position heading into year-end based on what I’m seeing in the market’s internals.

The laundry list of reasons to be concerned about the state of the market continues to grow, but if anything, it speaks to the truth of a bull market climbing a wall of worry.

I do know one thing, though - seeing this type of leadership does not point to an imminent market drop.
 

Of all the years I’ve kept track of market reversals and sector performance, a scoreboard with tech (XLK) dominating across every timeframe is the one that’s least likely to correspond to a pullback.

What’s even more remarkable is how you saw some tech names like Microsoft (MSFT) drop after its earnings last week. It wasn’t enough to stem the tech tide, however.

At some point, there will come a time to be concerned and get ready to play defense. But with tech running the table like this, traders and investors will continue to be rewarded for taking risks.

I’ll update you as soon as that changes.

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