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I can't remember the last time I was this bullish on the broader markets. After this week's hot CPI and PPI prints, the response was surprisingly calm.

The April PPI rose 1.4% m/m, the largest monthly increase since March 2022. That said, services (not goods) drove most of that increase (60%).

I still don’t see broad inflation contagion beyond pockets of the economy that have direct exposure to fuel.

I see early signs of rotation within semiconductors, with momentum names lagging higher-quality stocks like Nvidia or TSMC. I’d watch for an acceleration in this trend.

Valerii Apetroaiei/iStock via Getty Images

At the end of last week, I was meditating about the duration of the current rally from the March 30 lows.…