The Standard & Poor’s 500 is basically flat with a loss of just 0.04% as of the close today.

If you want ACTION!!! you have to look elsewhere: To the NASDAQ Composite, which was up 0.87% at the close and to the small cap Russell 2000, which was down 1.18% at the finish

Investors aren’t about to change their love for stocks on one set to Dot Plots yesterday from the Federal Reserve showing a 50% increase in the odds of an interest rate increase in 2020 from projections at the Fed’s March meeting.

It takes more than that to turn around a story with such strong support from investor and traders. And today’s response looks like a decision to buy growth stocks–especially technology growth stocks–ahead of any possible first interest rate increase from the Fed. The theory, I’d say, is that stocks backed by strong enough growth will be able to coop to a 25 basis point increase in interest rates from the Fed sometime in 2022 (or later.)

Today at the close shares of Amazon (AMZN) were up 2.13%, of Apple (AAPL) up 1.77%, of Nvidia (NVDA) up 5.02%, of SunRun (RUN) up 8.89%, and of Square (SQ) up 4.8%–to mention just a few growth stock movers today.

The S&P 500 has now gone seven months without a 5% drop–the longest stretch without a 5% pull back of since February 2018. Equity purchases by households, hedge funds, and ETFs exceeded sales by $361 billion in the first quarter, the most since at least the 1950s, Fed flow of funds data compiled by Reynolds Strategy. That extends a run of five consecutive quarters of inflows, during which purchases topped $1 trillion, an amount that’s five times the total accumulated during the previous decade.

And companies are back in the buyback game with share repurchases exceeding offerings in the first quarter for a second quarter in a row.

This doesn’t mean that the market won’t–eventually–begin to retreat in the face of almost certain interest rate increases from the Fed.

It’s just that “eventually” could take longer than expected to arrive.