"We have a beach ball held under water" when it comes to bullish momentum in the stock market, argues Thomas Hayes. While at least half of S&P 500 (SPX) stocks currently trade under their 200-day SMA, Thomas considers these levels extremes that won't hold long-term. The U.S.-Iran war is one factor he sees as a lasting headwind though holds confidence that selloffs will become buying opportunities. Thomas makes the bull case for PayPal (PYPL) as he sees free cash flow giving the company opportunity for business growth.