The general backdrop is very positive. The economic data indicate that the possibility of a recession is low. Only the industrial sector is providing any meaningful drag on economic growth. There is ample liquidity, an accommodative Fed, low financial stress, a strong housing market, and a remarkably robust labor market. Internationally, things are a little less rosy, but so far, that weakness hasn't seeped into the US economy. Several times last week, I noted that the charts of various major equity market ETFs were remarkably bullish (see here and here). Please see