October has brought a continued bull market, but there’s no question there’s been some rotation out there—the growth stocks, which had huge advances from July through September, have begun to look ragged, while some of the winners from earlier this year (transportation, oil, consumer staples) are back in favor. Still, we wouldn’t focus too much on the week-to-week moves. You have to be vigilant (especially as earnings season brings its usual potholes), but this remains a bull market, and that means the odds favor higher prices ahead.
