Good Wednesday morning. On his podcast yesterday Tyler called this “the resilient bull market”. Coming out of Q1 earnings we’ve had some rather horrible internals…the trannies (our second most important economic indicator, behind housing) just got hit 9% in a month…and we’ve had these big intraday hits to the major averages, featuring some of the weakest economic data in some time.

Frankly, after hitting extreme overbought levels of 10 days ago, this market was set for a quick and hard shakeout.

What’s happened instead? Those big intraday losses keep going bye-bye. We’ve just had 3 straight days of strong smart money hours, market leader Nvidia/Semis just won’t stop and now, many of the largest mega cap tech stocks are on fire, again. These are tells of the highest order. If I was short this market I’d be nervous. They keep missing their shot to make money on the downside.

As caught up in the Fed, rates and economic data as we tend to get (guilty), staying grounded in our "bas...