Good morning Everyone!

The price action yesterday further underscores the market’s current detachment from the specter of a “hard landing” scenario. Stocks persist in their indifference toward the constant pessimistic chatter surrounding earnings outlooks, valuations, and other mundane macroeconomic factors.

As we had previously cautioned, it seems that stocks might indeed be poised for a resurgence following two months of carnage and seasonals kicking in.

Bank of America will deliver their quarterly results later today and as the other big boys, we find it likely that they have had a great quarter. But how much juice is left in the can at this point?

Chart 1: ER US