S&P500 and NQ100 indexes are on their highs and as much a part of this inflation cycle as anything else. As they ascend the chatter on interest rates is played out each day with every possible tightening/easing scenario regurgitated with great certitude. But the fact is indexes have rallied through the decline of interest rates and their rise. Gaming the upside of stocks is the single most important economic policy for the Fed. Carefully crafted words by chairman Powell are the equivalent of the Fed’s Hippocratic oath of “do no harm “, ever! The scanning for any reliable or even unreliable data regarding the Fed’s future moves on interest rates is an industry. So whatever economic report is released the information revealed is sufficiently jaw boned to add to bear fatigue. There is no “long and lonely” in the two indexes, rather an environment where rationalized speculation has merged with a market’s clear vision that only up is normal. Of course, down will come, with a shiny new version.