You have a real hard time rallying without the fins. It's always like that with this market. You need more than tech to get a real broad-based advance and we have failed to get that.
Look, we can just agree that there are two markets, the Nasdaq and the S&P, and accept it as that.
My issue though is you want the sustained rally we had in the 1990s not the peak rally we had in 1999. I remember these like they were yesterday and I don't want a market that is led by FANG and company. I want a market that's led by the healthcares, the banks, the techs and the transports.
We don't have it which is what makes me more cautious than I would normally be.
Or to put it another way, if you just look at the stock of Citi (C) it is saying that world commerce is slowing and that the U.S. is going to be hurt so much by higher rates that it won't do that despite the better net interest margin that it will get.