We Have Lift Off! 🚀🚀

📈 Market Levels: SPX, Dow, Nasdaq, and R2K decided to throw a gains party, and even the China HXC Index got an invite. Treasuries weren't feeling the vibe and sold off, while the USD dipped against the GBP. Oil prices got their groove back, but gold had a case of the blues, and Bitcoin partied like it was 2021.

🐻 Bearish Chatter: Bears are sweating over the sizzling April employment report, fearing the Fed may tighten its belt further. They're also biting their nails about the lack of progress on a debt ceiling deal, China's not-so-hot PMI numbers, and Germany's factory orders showing up fashionably late. Pension funds might turn into party poopers and become net sellers of stocks, following CALSTRS' lead.

🐂 Bullish Banter: Bulls are high-fiving over upbeat earnings reports and AAPL and GOOGL flexing their buyback muscles. They think the drama around regional banks might be yesterday's news, and the White House shrugging off a short-selling ban on bank stocks has them grinning. The April jobs report showed the labor market cooling off, giving the Fed a reason to relax. The bar for more Fed hikes is sky-high, and Bullard's "no comment" on hawkishness was music to their ears. Lastly, Putin's Ukrainian misadventures are turning into a comedy of errors, which might just work out for the market.

Have a great weekend folks!