Good Friday morning. Another repeating pattern day yesterday, as a lower open was once again met with strong mid-day buying. As short-term overbought as we may be, the market doesn’t seem to care. Textbook bull market action continues. The train looks to have left the station and it likely won’t stop until we hit ATHs (that’s just 3.8% for S&P 500 and 5.3% for Nasdaq).

Prior to the markets’ tariff tantrum (4 weeks from hell) investors were full-on bullish for Trumps second term. Investors were locked on to:

-  The AI Boom (or Innovation Revolution as we prefer) which would impact most every industry and push corporate earnings sharply higher with US GDP towards 5%.

-  Trump’s deregulation, lower taxes, and a laissez-faire government that’s more friend than foe, would continue to support a red-pilled risk-on market melt-up.

-  Trumps legacy-building bull market meets the Roaring 2020’s.

VRA Bottom Line; unless tariff mania makes a return (unlikely in our view), invest...