ROM THE DESK We Meet Again… - Hello 3100 S&P! Nice to see you again. I want to say it’s been a while, but it really hasn't been that long has it??!! Well you know what they say time flies in a global pandemic and ongoing period of social and civil unrest! Tell 3200 I said hello and hope to see it soon too. The prospect of seeing actual friends continues to drive the market higher, as the reopening/positive linearity narrative continues. Add in underweight positioning, FOMO/TINA/CASH (not an acronym) and the desperate search for yield, nothing is getting in the way of this market. Dunkin Donuts (DNKN +2.8%) revealing better MoM comps (ongoing theme for restaurants) and Microchip (MCHP +11.7%) pushing the semis after it not only reveals guidance, but raises it! What a novel concept. The value/cyclical theme has the bull by the horns today though but no clear trend change just yet.
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