Every silver lining has its cloud and that’s something the forecasters so sure the FANG-style leadership can prevail with extended upside, now have to factor into their excessive overoptimism for the near-term at least. Some, of course, are not, and they risk being victims in a potential air pocket ahead that might be a normal correction; or a little bit more dramatic. 

The greater drama (whether a brief swing high occurs or not first) risks what would be the first technically-based ‘range’ breakdown in awhile, from what is now an established overbought condition in most of the major indexes. At this point more than 10% of the overall market cap led by this is from narrow leadership provided by that well-known handful of stocks; not broad gains. 

On a short-term basis, tension that rebounds Oil (which did have setbacks of mild proportions), such as the new deployment of US troops backing up the Kurds along the Turkish border (after an attack by Erdogan’s Air Force killed about 20 Kurdish fighters that were working with our teams against IS it should be noted), can also have a sustaining influence if Oil stocks rally; at the same time that any escalation of tensions or war(s) would nullify that.