After the June 17, 2022 low, stocks have jumped higher, taking out the 50-day moving average yesterday in the S&P 500. Many are debating whether this is a bear market rally or the reversal of the bruising 6-month decline. For the time being, we think stocks have further to run based on a couple indicators. We try to shy away from predictions and rely more on our skills of adaptation. As such, when the backdrop changes, we try to sense and adapt to the change.