Another week, and another new high for most equity indices. The S&P 500 cap-weighted index now sits at 6481, which is quite a feat considering it traded at 4835 just a few months ago. The glass seems to be mostly full these days, with investors embracing the animal spirits of fiscal expansion and soon monetary accommodation, while looking past the tariff question for now. The Mag 7 continues to power this train, leaving the rest of the market in OK shape.