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To say it’s been a crazy couple of weeks would be an understatement, with a very sharp six-day, coronavirus-induced selloff two weeks ago, followed by an equally sharp snapback in the major indexes this week, at least before this morning.

The major indexes were fine today, with the Dow up 45 points and the Nasdaq down 33 points. But that masked a horror show under the surface—the average stock we follow was off more than 2%, similar to growth-oriented indexes like the Russell 2000 Growth Index (IWO, down 2%) or the Ark Innovation Fund (ARKK, off 3.3%).

There’s still a chance earnings season could save the day, but so far, most reports have led to selling and after seeing many growth stocks set up in recent weeks, the bears are beginning to come out of the woodwork again.

The major indexes got hit today, though damage among growth stocks wasn’t too bad. At day’s end, the Dow was off 260 points while the Nasdaq slid 105 points.

Yesterday the major indexes finished mixed, with the Dow up 71 points and the Nasdaq down 78 points. But the story of the day (and the prior Friday) was a renewed rotation out of growth stocks, with most leading titles down 2% to 3% yesterday alone and a couple more cracking near-term support.

The market has been doing OK, though it’s more about addition by subtraction—the fact that growth stocks have avoided any major selling wave after the recent upmove is a plus, but we’re still seeing lots of selling on strength and rotational action that changes by the day.

This week is the start of earnings season. We review Wells Fargo’s (WFC) earnings and provide updates on several Cabot Turnaround Letter recommended stocks.

The market had been doing a great job of shrugging off any negative news this month, but the coronavirus (and its likely effect on Chinese and global economic growth) has finally caused the bulls some discomfort.

Despite the outbreak of a coronavirus in China (and a few cases reported elsewhere), the market has actually had a pretty quiet week—as of this morning, the big-cap indexes are up around 0.5%, while broader market indexes (small and mid caps, etc.) are down a smidge.