In this episode of The Glass Half Full, Ryan Detrick, Chief Market Strategist at Carson Group, and Sonu Varghese, Chief Macro Strategist at Carson Group, break down one of the most powerful three-week rallies either of them has seen in their careers and make the case for why it may just be the beginning.
Ryan opens with the numbers that are hard to argue with: the S&P 500 up 12 out of 13 days, a 10-day surge of nearly 9.8% that has only been matched roughly 20 times in market history, and a NASDAQ win streak that ranks among the longest ever recorded. Of those ~20 instances of comparable 10-day strength, only three resulted in losses a year later, all tied to the dot-com unwind. Every other time? Higher, often by double digits.
Sonu unpacks the fuel behind the rally, pointing to an AI-driven supply crunch that is minting profits for semiconductor and infrastructure technology companies even as it generates the inflation frustrating everyday consumers. One person’s inflation, he reminds listeners, is another company’s margin expansion. That dynamic is showing up in earnings estimates climbing not just for 2026, but for 2027 as well.
The pair also zoom out to make the global case, noting that South Korea’s market, hammered by a near 20% crash in just days, has clawed back to all-time highs on the strength of the same memory chip demand story powering U.S. semiconductors. This is not an American story. It is a global bull market.
They close where they started: momentum begets momentum. The bull market, they argue, is not over.
Key Takeaways
- The S&P 500 was up 12 out of 13 days, with a 10-day gain of nearly 9.8%, a level of strength that has historically preceded strong forward returns in all but three instances.
- Semiconductors logged roughly 15 consecutive days of gains, one of the longest win streaks on record, reflecting insatiable demand for AI compute infrastructure.
- Momentum begets momentum. As rallies extend, FOMO draws more investors off the sidelines, compounding buying pressure and extending the move.
- Earnings estimates for the S&P 500 are rising not just for 2026 but for 2027, driven by technology, energy, and materials companies.
- Inflation is painful for consumers but translates directly into profit margin expansion for corporate America, a key driver of why global stock markets are at or near all-time highs.
- South Korea’s stock market has recovered from a near-crash to reach all-time highs, underscoring that this is a global bull market story.
Jump to:
0:00 — Welcome and the Momentum Idea
1:45 — FOMO Builds as Markets Rally
3:05 — What Sparked the Three-Week Surge
5:05 — Global Bull Market and Inflation Link
6:55 — Earnings Strength and the Outlook Ahead
Connect with Ryan:
- LinkedIn: Ryan Detrick
- X: @ryandetrick
Connect with Sonu:
- LinkedIn: Sonu Varghese
- X: @sonusvarghese
The views stated in this podcast are not necessarily the opinion of Cetera Wealth Services, LLC, or CWM, LLC. and should not be construed directly or indirectly as an offer to buy or sell any securities mentioned herein. Due to volatility within the markets mentioned, opinions are subject to change without notice. Information is based on sources believed to be reliable; however, their accuracy or completeness cannot be guaranteed. Past performance does not guarantee future results.
Ryan Detrick and Sonu Varghese are non-registered associates of Cetera Wealth Services LLC.
A diversified portfolio does not assure a profit or protect against loss in a declining market.
Please note: Cetera Wealth Services, LLC is not registered to offer direct investments into commodities or futures. Instead, we provide access to this asset class via mutual funds, exchange-traded funds (ETFs) and the stocks of associated companies. Investments in commodities may be affected by the overall market movements, changes in interest rates and other factors such as weather, disease, embargoes and international economic and political developments. Commodities are volatile investments and should form only a small part of a diversified portfolio. An investment in commodities may not be suitable for all investors.
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