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Just when the market seemed to be back on track, it had a terrible day. After rallying 13.6% from the Christmas Eve low and regaining most of what it lost since the September high, the S&P 500 fell 1.42% on Tuesday. I believe the market will likely trend higher but not by a lot, favoring the more recession-resistant plays. That’s the story right now but as result of the recent action, we have two rating changes in the portfolio.

One stock reports fourth-quarter results, another moves from Hold to Buy and we reiterate the Buy recommendation on a third.

After six very strong weeks on the upside, the sellers finally showed up in the middle of the week. Some retrenchment was likely, and so far, it’s been well within normal bounds. We remain mostly optimistic longer term, as enough bullish evidence has accumulated to think the path of least resistance is up. Shorter term, picking your spots makes sense, as does honoring your stops and seeing how this pullback unfolds.

One of our positions reports a strong earnings and revenue beat. For now it’s still a hold as we are awaiting a pullback, but it should be a buy candidate in the near future.

The action of the past few days has been very encouraging, raising the possibility that last week’s fearful dip (driven by eye-grabbing headlines concerning North Korea) was a shakeout. That dip produced some elevated short-term sentiment readings (including the highest put-call ratio since the election and a spike in the VIX volatility index) that are often seen near market lows.

The Emerging Markets Timer is in great shape, as the iShares EM Fund has pushed out to new highs in recent days. We’re holding on tight to our winners, but we are downgrading one stock to Hold tonight.

It’s been a wild week, much more so than a high-level look at the small-cap index would imply. According to the index, we’re just moving sideways with a little wiggle here and there. But when you look within our portfolio—wow! This was anything but a quiet week. Stocks were jumping all over the place as earnings reports came out.

It’s been a very good week for the market, with most indexes up anywhere from 1.5% to 3% since Monday morning and many stocks performing excellently. It’s looking more and more like the mid-April dip below the 50-day lines was likely the final shakeout to the market’s seven-week consolidation.

Recently, I decided to hold our Visa (V) calls through earnings and sold our Coca-Cola (KO) calls the day before their earnings announcement. I thought I would break down why I decided to take the risk in V, and not in KO.

After three weeks up in a row, the major indexes were flat-to-lower this week, with the lagging small- and mid-caps performing worst, and the leading Nasdaq holding up the best.

Here are updates on four or our stocks that reported earnings, please updates on two other stocks that have shown strong price action.

We have non-urgent news and price action today: a few trading ideas, and a possible new CEO.

Updates on four of our holdings, including one rating change.

Last week, a shoddy take-down article was written about one of our holdings on Seeking Alpha. It was written by an anonymous author, was poorly constructed and failed to undermine (in my opinion) the most important parts of the long-case for the company.

We’re on the tail end of earnings seasons for companies that wrapped up their quarters in March. Almost every one of our portfolio companies that reported earnings delivered an upside earnings surprise, especially in the integrated oil and construction materials industries.

We remain mostly bullish on the market because the evidence remains mostly bullish. All major indexes are above their 50-day lines, the Nasdaq has shot ahead to new highs and many Top Ten stocks are acting well—strong stocks are generally reacting well to earnings and following through on the upside. That said, there are a couple of things we’d like to see before we get fully bullish.

Today’s Special Bulletin focuses on quarterly earnings reports from five of our stocks. There are no rating changes.

It looks like we’re in for an up week in the stock market. Stocks are reacting well to election results in France, in which a moderate candidate took the lead, with an outsider standing in second place. It seems like voters around the world are weary of their recent political regimes, choosing instead to either vote for moderates or vote for opposite political extremes from what they recently experienced.

I review hundreds of stocks on a regular basis for possible inclusion in the Cabot Undervalued Stocks Advisor portfolios. Many companies that didn’t previously make the grade will, at some point, gain a stronger balance sheet or earnings growth prospects. Such is the case with Chipotle, the restaurant chain.

Chipotle Mexican Grill (CMG) reported outstanding first-quarter results yesterday afternoon, with revenue of $1.07 billion vs. the consensus estimate of $1.05 billion. But it was the huge and unexpected earnings beat that brought lots of attention to the stock.