We awake this morning to an interesting bifurcation in the market.

On the one hand, we have a market poised to explode to new lifetime highs on a virtually daily basis. It has many things going for it. (1) ALL news, no matter it is, from nuclear war to new toenail-clipping technology, is interpreted as good news for the market (2) Many important indexes have experienced lifetime highs or, if not that, breakouts above resistance trendlines (3) the S&P 500, represented by the /ES chart below, has finally conquered its February 1 price gap, and there is a powerful bullish pattern beneath this horizontal which has the market poised for what seems to be a powerful vault higher.

On the other hand, there’s Dennis.