Bulls Pass Another Test of Resolve

"Mamas, don't let your sons grow up to be Cowboys ... or Oilers." – Chuck Noll, Head Coach of the Pittsburgh Steelers, 1969-1991

Good evening, 

The resolve of the bulls was tested once more this week. Two weeks ago, the Chinese artificial intelligence startup DeepSeek shook up markets with its advanced and purportedly low-cost R1 model. This week it was President Donald Trump's Feb. 1 announcement of tariffs to be levied on goods from Canada, Mexico, and China. Yet, as Fundstrat Head of Research Tom Lee noted, "equities seem to have managed to largely shrug off any fears being raised." The S&P 500 ended the week slightly lower, down 0.24%.

"It feels like the market has gone through a lot, but you know, markets are roughly at the same levels where they were two weeks ago," Head of Data Science Ken Xuan remarked at our weekly research huddle. Agreeing with Lee's view of market resilience, "Tireless Ken" also pointed out that year-to-date, every sector except Tech is up. 

Head of Technical Strategy Mark Newton agreed. "All in all, I think the market's a lot healthier than what many people would think if you just heard the news flow and you think that things have got to be awful. Technically speaking, the market actually looks quite healthy to me. There's been no break o...
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