Good Friday morning. To repeat a long-term theme of ours from the 10/13/22 bear market lows, “buy the dip” remains one of the smartest of smart-money strategies for this young bull market. This particular market…featuring bullish seasonality and near-term moves to all-time highs that will force shorts to cover and money managers to “finally” embrace this bull market...has the feel of one where the dips will be short-lived. I think this will be even more so the case in our leading sectors, semis and housing. 

We think we can add small caps to this list as well, which we’ve been pounding the table on of late, after being dead wrong about this group for an extended period.

It’s an investing cliche but in this case we believe it will be true: “a rising tide lifts all boats”. We’re in just the second year of a new bull market. Since 1952, the second year has been up 100% of the time, with avg gains in S&P 500 of ~14%.

But this rising tide should begin to f...