Postcards: Sweet Revenge...

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Market Update: How do you know that momentum is strong in this market? Because cruise stocks are leading the S&P 500 higher on the day. Carnival Corp. (CCL), which you should short when our signal is red, was up 3.5% today. Royal Caribbean (RCLH) and Norwegian Cruise Line Holdings (NCLH) were also up. That said, with investors at - effectively - all-time highs in terms of long-equity positions, a few warning signs are arriving for the short term. Bank of America clients piled out of stocks at the fastest pace last week since November 2020. They dumped about $7 billion in equities. Given the big rotation into small-cap stocks, this might have been a flush of profit-taking as fear emerged on the tech side.