07Feb1:34 pmEST

I Think I'll Just Stay Here and Drink

Long-term extended and expensive names, like COST ORLY and Visa, are pushing higher yet today as some of the heavier-weighted names in the Nasdaq, like META, also try to pick up the slack and drown out weakness in the small caps and biotechs again. 

The same dynamic, of an extremely narrow but historically resilient bull market melt-up, that we have been noting here and with Members for a good while now is still playing out, which puts me in the position of exercising more patience in both my trading and long-term portfolios that I can recall in more than two decades of being involved with markets. 

Once again, this is all happening as rates are actually up on the day, with the 10-Year hovering just above 4.1%, which drives home just how downright giddy and euphoric those chasing NVDA and the like are here. 

I still like the setups and action in uranium charts, despite how relatively quiet they have been to the AI plays, for example. 

But, overall, I will not chase just for the sake to try to generate action. The next CPI print is this coming Tuesday, which I am expecting to surprise on the hotter side. This, in turn, should send rates higher. At some point (and I still think soon), those select euphoric equities should then finally succumb to the notion of higher for longer rates and reprice aggressively lower. 

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