Today is one of those days: Just about every asset class is trading lower today and all intra-day rally attempts are being sold. It's simply widespread profit-taking. In our view, nothing has changed fundamentally speaking. That said, the most healthy bull markets experience periodic declines. In fact, the S&P 500 averages at least 3 declines of -5% or more PER YEAR, despite averaging a +10% annual gain. The reality is that Magnificent 7's CapEx ALONE is now set to exceed 500 billion PER YEAR. Rate cuts have arrived, deregulation is here, earnings growth is running at 10%+ YoY, and the AI Revolution is accelerating. Ignore the noise.(The Kobeissi Letter)