The market ended last week up about 1% with Large-cap Growth leading the way, up 1.15%. Worst was the cap/style that has led for over a year, Small-cap Growth, up only 0.08%. Clearly, traders were cautious, as value did better than growth in Mid- and Small-caps. Large-cap leading is another sign of caution.
Stocks were able to leverage some optimistic news and dovish words from the Fed to take another stab at an upside breakout attempt last week. Although readers have sometimes accused me of being a permabull, I am really a realist, and the reality is that the slogans like “The trend is your friend” and “Don’t fight the Fed” are truisms. And they have worked.