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The case that a new bull market has begun is growing stronger. From a technical standpoint, the S&P broke out to a 52-week high Monday and has continued higher Tuesday. Inflation continues to roll over with today’s May CPI coming in at 4.0% headline and 5.3% core, year over year. As a result, the Fed Futures are expecting a pause from the Fed tomorrow.

The bear case continues to remain that all the Fed tightening has yet to be fully felt and is still making its way through the financial and economic system. But bears like me have been saying that all year. Right now, the bulls are winning and bears are feeling the pressure.

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