Good Thursday morning. Another reminder that we’ve entered a structural bull market of size and scope is approaching, as the S&P 500 came within a fraction of a point of hitting 5000 for the first time (4,999.89) powered by a solid earnings season and featuring stunning reports from leading tech co’s. 

In our view, bears that continue to fight this new bull market are missing out on the birth of a generational bull market, driven by the reality that corporate profits and upbeat guidance continue to show healthy spending patterns among consumers and businesses, while the “innovation revolution” begins to justify surging valuations in the tech sector. 

As we start trading today our leading broad market indexes (S&P 500, Dow Jones, Nasdaq) are approaching overbought levels that may begin to influence the upside action (next week possibly), but are still a ways away from hitting a level of overbought that would concern us. 

Know this; when only 64.2% of the S&P 500 is ...