RUNAWAY RALLY?

The SPX has broken out of a multi-month consolidation, and the bullish case cited here points to improving breadth, strong earnings growth, and an investor base that remains underweight. The note also flags risks: credit is showing a multi-month negative divergence that has historically persisted for months before stocks “catch down.” The author says there’s no immediate action needed as long as breadth stays supportive, but it’s something to monitor. The piece argues for software and a “crypto miner turned AI compute” theme, also highlighting platinum. It reports MO port performance of +43% year-to-date in 26’ and a weekly gain of 309 basis points, with holdings described as long PMs, EUR and MXN, and short long bonds while being long tech, semis, robotics, biotech and defense.