Stocks did their thing on Thursday -- and with one more day in May, equities seemingly have put together yet another impressive month. The S&P 500 is up 5% for the month, the Nasdaq has ripped higher by 8% after April's 15% surge, and the Nasdaq 100 has popped 10% following last month's 15.7% jump. As the legendary investor Marty Zweig said, "The trend is your friend until it bends at the end."

Lear Corp. engages in the design, manufacture and supply of automotive seat, electrical distribution systems, and electronic modules, as well as related subsystems, components, and software. It operates through two segments: Seating and E-Systems. The Seating segment consists of the design, engineering, just-in-time assembly, and delivery of complete seat systems, as well as the manufacture of all major seat components, including seat covers and surface materials such as leather and fabric, seat structures and mechanisms, seat foam, and headrests. The E-Systems segment consists of the design, development, engineering, and manufacture of electrical distribution systems, as well as electronic control modules, electrification products, connectivity products, and software solutions for the cloud, vehicles, and mobile devices. The company was founded in 1917 and is headquartered in Southfield, Michigan. Lear is a component of the S&P MidCap 400 index and employs approximately 173,700 people.

Stocks saw a nice snapback rally on Wednesday. Crude oil (WTI) was smacked, falling 5.5% to $98.50/barrel, while Brent oil dropped about the same to $105/barrel. That took a lot of pressure off the bond market, as the 10-year Treasury yield declined 9.5 basis points (bps), the 5-year fell 10.5 bps, and the 2-year dropped 8 bps. So for a day anyway, everything was back to normal. The AI charge reasserted itself, led by semiconductor stocks. MU popped 5%, AMD 8%, ASML 6%, INTC and LRCX 7%, and ARM 15%. The hottest chip names come from the memory and storage areas, and the timing of the Roundhill Memory ETF (DRAM, which began trading 4/2) has been a stroke of genius, so far. Assets under management (AUM) for new ETFs generally are nominal. But money has poured into this ETF, which now has an AUM of about $10 billion. And new funds go right into the stocks in the ETF, making an already hot area sizzle. From its 4/2 close, DRAM had rocketed 98% at its recent high on May 11. Indeed, momentum investing is the great self-fulfilling prophecy: higher prices attract more money, creating higher prices. The largest beneficiary of lower oil was Consumer Discretionary (XLY), rising 2.5%. The XLY was led by airlines (up 8%), furnishings (up 7%), and home construction and apparel retailers (up 5%). Meanwhile, durable household products, recreational services, and footwear all rose 4%. Most of these industries had been pounded recently.

The mega-cap indices surged higher for a sixth straight week, and it feels like there is just no stopping this torrid advance. But when it seems like the market will never stop moving in a particular direction, a counter-trend move often kicks in. Indeed, it has to happen eventually.