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We had everything aligned yesterday for today, and it was a good day in the bull market with short-term gains. However, today's close wasn't as favorable. I don't think there's much to do about it except not to push for more tomorrow. There may be more bumps tomorrow, but generally, the market seems poised to rise. The market isn't near short-term overbought levels, so even if there are downward closes tomorrow, there's still upside potential in this short-term move. Overall, market action remains positive.

A few months ago (maybe 6 months ago), I mentioned to subscribers that above 440 SPY (or so, I don't remember exactly), there was upside potential to new SPY highs. And now, we're at new all-time highs. However, I have to apologize because when I said that, I was being conservative. It could go up to 510 SPY on this move, and then we'll assess from there. There's still potential for further upside beyond 510, but we'll evaluate the situation then.

GDP estimates have returned to normal a bit but are still up by 3% or more, which is still positive.

We had a few Fed speakers today. One comment mentioned expecting rate cuts later in the year, but I think that might be too late for the markets. However, it does give the Fed time to refrain from cutting rates as inflation picks back up. Another comment mentioned that inflation is stemming from shipping issues. Nonetheless, we've observed an uptick in ISM and wages. Let's see if there's more inflation on the horizon. I'm bullish on oil, although it may take some time for it to gain traction.

Arm surged on more positive tech news, with AI driving a significant cycle and NVDA at the center.

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