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I hope everyone had a great long July 4th weekend!

This is a super quick update as I am trying to wrap up end-of-month, quarter, and half-year reconciliation.

One of the main complaints from the bears about the rally is that not enough stocks are hitting new highs. And they have been correct. That’s typical of year three in a bull market. However, the chart below shows a resurgence in new highs late last week. While it’s nowhere near the levels seen in 2024, it’s still not awful.

And before anyone asks, new lows (below) are buried near the 0 line at just 7.

Finally, I have been writing about small caps for several weeks, another complaint of the bears. The chart below has been powerful and fun, at least for the bulls.

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