What’s Driving the Bull?

(1) The bull gets no respect. (2) It’s still a V-shaped earnings rebound, especially for SMidCaps. (3) S&P 500 forward earnings at record high of $110. (4) Q1 beat leads to slight Q2-Q4 retreat. (5) Rising labor costs overseas bad for margins, good for revenues. (6) Germany losing customers in euro area, but finding others elsewhere. (7) Will Consumer Discretionary continue to lead the bull? (8) The message in consumer credit.