Earnings season has its own seasonality, and the earnings guidance so far in July adds support for the trade.

Breadth remains the story ahead of earnings season.

Despite the recent retail sales miss, the consumer remains resilient, and the economy continues to track above estimates, which supports continued upward estimate revisions ahead of earnings season.

Despite rising geopolitical tensions, market internals remain little changed, and, ultimately it is the market that makes the news.

Stocks appear to be climbing the wall of worry while economic conditions and earnings remain favorable.

Friday's jobs report doesn't have the tailwinds of last month, but businesses are still hiring.

Earnings season gave us a trough in estimates, at least for now, but there is really just one thing that matters at the moment.

Investor sentiment, economic activity, and market breadth all indicate the same.

There remains a lot of bearishness in a market that is technically in an uptrend, now that the S&P 500 is back above its 200-day moving average.

Analysts have been as indecisive as we've seen them, resulting in a rapid decline in estimates for 2025.