"The sectors that should be leading are leading"

1. Equity positioning. "Has [the rally] been too much? We don't think so."

2. Speculative options. "Animal spirits are back to 'Red Hot' - indicating an aggressive chase higher (one of the fastest speculative rushes in history)."

3. Buybacks. "US companies are stepping up share buyback announcements, a sign of balance sheet strength that returns cash to shareholders and helps support stock prices. For investors, that's a constructive signal".

4. Dotcom Internet Services. "During its peak run in the 1990s, [Internet Services] recorded 15 instances in which its 18-day rate of change exceeded 36%, a level comparable to semiconductors today."

5. Relative performance. "A textbook recovery seems to be unfolding - where the sectors that should be leading are leading, and the ones that usually lag are lagging ... the relative strength picture actually looks even stronger on an equal-weighted basis, with Industrials and Financials also helping drive the move off the lows."

ICYMI