• It’s great to think that yesterday’s action signaled that the rally is broaden out.  However, the S&P 500 and the NDX Nasdaq 100 fell in a meaningful way yesterday.  That will continue if (repeat, IF) the large cap tech stocks keep falling.  At some point, that will cause the entire market to decline…just like the rally in the big cap tech stocks has helped the rest of the market rally since October of 2022. 
  • It’s over.  President Biden will not be the nominee.  We don’t know how much of an impact this will have on the markets, but it should certainly be the base from which you think about the relationship between politics and the markets going forward.

 

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