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“You can’t sit on the lid of progress. If you do, you will be blown to pieces.” – Henry Kaiser

Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.  

When we looked at our ETF matrix over the weekend, we noticed that the US stock market is now more overbought than any other asset class:

The chart for the S&P 500 Equal Weight ETF (RSP) has remained in an uptrend throughout the choppy action of the past few months, but the cap-weighted S&P 500 ETF (SPY) has now also resumed its uptrend after breaking out to new all-time highs last week:

The new highs for the S&P also re-confirmed the bull market that began back in October 2022.  With Friday’s new closing high, the current bull (which we’ve dubbed the “AI Bull”) has now extended to 1,395 calendar days.  As shown in the table of historical bull and bear markets sorted by length below, this bull is now the 9th longest since 1928 and would need to go on another 98 days (to November 13th) to move into 8th place ahead of the 1,492-day bull that ran from 4/28/1942 to 5/29/1946.

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