I understand the logic. Rate cuts are good for retail and tech stocks. Tech stocks benefit because corporate capital costs are falling, and that should spur renewed tech spending. Retail stocks benefit because consumer interest rates are falling, and that should spur renewed consumer spending. But consumer credit is at an all time high.
Markets are perverse creatures.
That's why predicting the course of the market using fundamental analysis tools is difficult, at best. Anticipating the market based on the actions of the Federal Reserve is even more difficult. That's why I tend to favor technical analysis. It does appear that the herd mentality has changed. I suspect that the rubber band has stretched as far as it will for this swing higher.