Stocks continued to soar on stronger-than-expected US headline growth, stable-and-low inflation and interest rates, accommodative central banks, positive earnings surprises, and a potential successful resolution to US-China trade issues. Optimism over growth and profits, however, should be tempered by declining final-sales-to-domestic-purchasers data and a likely year-over-year contraction in the S&P 500 blended profit margin for the first quarter. Likewise, implied volatilities at near-secular lows are anticipating a future that is too calm.