- S&P 500 closes at ATH of 4,247.44 up from 4,228.89 last week, third up week in a row

- Market took higher than expected inflation numbers in stride the 10-yr is only 1.454%

- Developments out of Washington highlight Tech Cold War between US and China

- We continue to believe that Energy has substantial upside and that FOMO is imminent

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The S&P 500 closed at 4,247.44 up from the 4,229.89 it closed at last Friday. Health care led the gains this week followed by Technology and Real Estate. The VIX closed well below $16. The big news this week was the market responding to hot inflation numbers in quite a measured way.

As far as rates go, we have been in a downtrend over the last little while. Oil held above $70 and closed the week at $70.82. The US 10-yr is only at 1.452% and does not appear to be sending a flashing warning on inflation. Some attribute this to a short squeeze in the bond market, but only time will tell.

The recent tame behavior of rates is a key driver in my colleague Tom Lee’s reversal on Tech and Financials. This interest rate upset has been non-consensus and we believe positions the market to still reach 4,400 before the ...

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