About six months after a presidential election and more than a year past a bruising market downturn, stocks remains buoyant near record highs.

Market leadership rotates as if choreographed, helping to keep index pullbacks shallow despite a long stretch of optimistic sentiment and economic enthusiasm. Conditions seem ripe for some sort of correction, but the rally grinds on. While the tape wobbled around election time, Wall Street has found plenty to like in the policy mix being tossed together in Washington.

Treasury yields have risen off historic lows and investors are a bit wary of what level might restrain the economy and pinch share prices, but so far not much damage done.

The yield curve has steepened, a sign of economic optimism and forbearing Fed. Corporate earnings are levitating. Risk spreads on junk bonds have shuttled toward record lows from precarious extremes during the last equity meltdown.