Laggards, crap & underdogs were not there yet

More joining the party

1. improving breadth - 397 out of S&P 500 stocks in green, a significant increase from the year-to-date average of 259, even though the S&P has seen a 14% growth this year.

2. Long onlies continue to hold substantial cash reserves, and there's no significant selling pressure in supercap tech stocks despite the buying of cyclicals, leading to the 'catch-up trade' in other sectors. (Goldman's sales)