 Market's not making any missteps here in terms of big picture. I mean, there's 300 new 52-week highs in the New York Stock Exchange today against eight new lows. Second half of July, maybe you have fewer seasonal tailwinds. Again, nothing bad. It's more about how many times have you priced in the soft landing in the first rate cut? Maybe not enough. Maybe we've done it. CNBC's Mike Santoli. Investors are calling that a rate cut rally. They're hoping the Fed starts cutting interest rates to make money cheaper to borrow.