Not surprised by market resilience. VIX below 20, oil didn't break above $92. Tech momentum pause after 13 up days is normal. S&P equal weight and Dow should now participate. Tough to be a bear.

Market has shown strong resiliency throughout 2026. This is playing to script.

Market quickly digests fog of war. 10-year yield well anchored and falling about 10bps over last week tells us what market thinks about inflation. As long as 10-year stays around these levels, constructive for stocks.

History shows 7 5% drawdowns in 2023 with whipsaw recovery each time. Market incredibly resilient because of low yields and earnings.

This isn't a pullback - quickest move from oversold to overbought in 40 years. Market appropriately ignoring DC and Iran hyperbole. History shows geopolitical excursions end better for investors who don't react. Market sell-off is opportunity to buy.

Trump responds to market action. Bombing Iran energy infrastructure would spike inflation. Given the move, wouldn't be surprised to see more pullback.

Don't fight the White House (they pivot) and don't fight what market is telling us. Mag 7 up 20% since lows with V-shaped recovery. Cyclicals leading, transports at new highs, credit spreads contained. Pain trade still higher despite being extended.

Market doesn't care about Atlanta Fed GDP now halving to 1.3%. Many still underweight based on Deutsche Bank positioning. Institutional chase happening.

Own 6 out of 7 Mag 7 (excluding Tesla), 14-18% of portfolio in semis. Also have some cyclicals and energy as hedge. Tech not only delivering but beating expectations.

Positioning and sentiment are powerful forces. Rapid rebuild in Mag 7/tech positioning validates possibility of extending to new all-time highs. Valuations got cheap enough in tech/semis/Mag 7.

Market will continue script of resiliency and look past Middle East headlines because earnings growth continues.

Now concerned about high expectations for Microsoft/Meta given their moves. Can they tolerate disappointment?