Next Up, Melt-Up?

The S&P closed above 5,300 for the first time on Wednesday as investors cheered a relatively benign read on core price growth, while a marked deceleration in US retail sales suggested the American consumer's tired, a key ingredient in the "last mile" recipe. The next question for equities is whether we're now primed for a return to a melt-up dynamic, which is to say the sort of invigorating, if sometimes frightening, environment where fear of the right-tail manifests as insatiable demand fo