“The truth is the Super Bowl long ago became more than just a football game. It's part of our culture like turkey at Thanksgiving and lights at Christmas, and like those holidays beyond their meaning, a factor in our economy.” ~ Bob Schieffer

Good evening,

The S&P 500 momentarily broke 5,000 for the first time on Thursday (5,000.40, to be precise) only to fall back slightly at closing bell. Then on Friday, the index breached that level more assertively, perhaps in part due to the Bureau of Labor Statistics (BLS) revising its December Headline CPI reading downward. (The Core CPI reading from December remained unchanged.)

While Fundstrat Head of Research Tom Lee was not unhappy about this development, in the nearer term, what will be interesting to see is “how equities behave after reaching 5,000,” he said. Furthermore, he told us that from a long-term perspective, “this is only a round number and it does not bear true significance."

Aside from the S&P 500, Nasdaq and the Russell 3000 are also in new all-time high territories, as Head of Technical Strategy Mark Newton pointed out in our weekly huddle. “Now a lot of people like to make excuses as to markets having thin breadth, which is true – this rally has largely been carried by only a few stock...

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