There is a calendar shift that should impact retail sales numbers for both November and December, but early checks do little to take away from the January Effect.

If this is 1995, as Dan Ives said, then it is important to note what Greenspan thought about 1996 and 1997... especially following what Salesforce just told us.

Resiliency hasn't gone away, and even the low-income consumer may be finding some strength.

The momentum has room, as the next phase of AI approaches.

This earnings season, we've seen companies push out their outlook and discuss weakening demand, just like they did before COVID.

Whether it is simply the election being over or the Trump trade, there is a new level of optimism in the market... that needs to be kept in perspective.

The increased volatility into the election might be telling us something about the overall market, but the implied moves of upcoming earnings releases are also worth noting.

In the next two weeks, 60% of all companies with analyst coverage will report earnings. They likely need to report better results than what we've just seen from the early reporters.

The price action over the past six weeks is rare and is unlikely to continue in the near term, but it has yet to indicate a trend change.

Investor sentiment has changed significantly from where it was two years ago, but the indication isn't quite the opposite of what it said then.