Stocks Climb Despite Hawkish Fed and Tech Earnings

Poor tech earnings (especially from Intel) and Hawkish comments from Fed's Bostic were not enough to faze stocks. The S&P is still gunning for highs. It has leveled off at 4550. Our next target is at 4564, which could be within reach if we see another move higher. We are looking a bit overweight at the moment, and a technical correction is due. If so, watch for support at 4521 and 4504. The Kovach OBV is extremely strong, so there is no denying the bull trend.