Don’t fight the Fed. Fighting the flow of Fed-related liquidity is like trying to swim against a powerful river current: you can swim as hard as you can, but you will make little forward progress if the flow of the current is working against your efforts.

The return of Bruce Springsteen to New York City last weekend reminded us of his 1978 song “Prove it All Night”, which he has said conveys the message “success requires sacrifice”. This is a fitting analogy for the coming U.S. corporate earnings season, which kicks into gear next week with some of the largest index constituents and economic bellwethers reporting first quarter results on April 14th.

The Technology sector seems to have it all going on these days…

Whatever the market narrative, Tech appears to be the answer, offering sanctuary to investors in any scenario.

The Fed’s response to regional bank woes, and the resulting expansion in the Fed’s balance sheet, has led many to hope that the Fed’s “villainous”, liquidity draining days are numbered, and that they will soon emerge as a market hero once more, supporting prices with added liquidity.