Equity markets roared this week, led by  the Nasdaq 100 (QQQ). The tech-laden index regained its footing, closing over 3% for the week, (its highest close since Goldman put out its hit job on semiconductors on June 9).

The only big swoon last week occurred after Trump, Jr. released e-mails related to the Russian election hacking, but the smart players used it for a buy opportunity. In fact, despite the strange tweetstorms emanating from the White House, the core theme is just to buy equities and ignore the antics on the Hill or anywhere else.

In fact, NVDA (the leading chip stock which dropped over 15% from its intraday highs on June 9) recovered by Friday and had its highest close ever. The cloud over semi-conductors and tech stocks seems to be lifting and again supplying leadership to this bull market.

Growth stocks resumed leadership and our Risk On gauge turning back to positive on July 1 was an excellent lead indicator and is currently all-out bullish. Despite lower summer activity, volume improved on up days, another positive sign.

Interesting to note: solar stocks have been on a tear, despite pressure from dinosaur and non-renewable energy sources. Solar is ignoring Trump’s move to divert funds from the Green Climate Fund (meant to fund renewable energy) to “clean coal.” According to the latest research from Morgan Stanley, Solar and Wind are now the most efficient energy sources and are overtaking all other energy investments. Market forces at work.

Also noteworthy: emerging markets, commodities and especially base metals (like copper) look poised to finally reverse years of underperformance.  Our quant based models are outperforming across the board and positioned accordingly.