The S&P 500 closed Thursday at 4,019.87 at an all-time-high. Despite this, there have been a lot of bears pronouncing the top for any number of reasons. We are encouraged by the ample bearish sentiment that is out there. All-time-highs are all-time-highs. The market speaks in terms of price. We see plenty of bullish catalysts that should drive the market higher from here. Not only are all-time highs great but something that was particularly encouraging about today’s rally is that it was led by Technology and Energy simultaneously. This has been rather anomalous compared to the market dynamic over the past few weeks. Vaccine penetration continues to be ahead of schedule and the prospect of the healthcare system being overwhelmed, the reason for commerce-interrupting lockdowns diminishes by the hour with each jab administered.

My colleague Tom Lee spoke about how institutions have been raising cash. Dry powder is accumulating to power the next leg higher. We think the S&P 500 hits 4,300 in 1H2021. ISM numbers today and other data from not only the United States but around the world continue to suggest an unprecedented economic boom, the likes of which has not been seen since maybe the middle of the twentieth century. Importantly, as we keep reminding our subscribers t...

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