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On the surface, it was another decent week for the market, with most major indexes on the upside. But as has been the case recently, it depends where you look: After many weeks of a narrowing environment, this week flipped the script a bit, with much of the broad market (including things like financials, homebuilders and small caps as a whole) strengthening, while a wide range of growth titles sagged (names like NVDA, PLTR, GEV, CRDO, RBLX, APH, CLS, etc. were all flat to down on the week coming into today).

It’s been another choppy week with not much net movement in the indexes. As of this morning, the S&P 500, Nasdaq and NYSE Composite are all flat on the week—though in the bond market, there was a big move, with five- and 10-year Treasury yields up 0.2% to 0.25%.

It’s been a great week for the major indexes—Monday did most of the heavy lifting, of course, with the market surging after the U.S. and China announced a trade truce of sorts, but the market has built on those gains since. Coming into today, most major indexes were up in the 3.5% to 5% range, with the Nasdaq doing even better.

In terms of the intermediate-term evidence, it continues to improve—the intermediate-term trend turned up a week ago and obviously got a boost this week, while our Aggression Index (compares the growth-y Nasdaq to the defensive consumer staples) has also turned up and the broad market has returned to health.

Note: We’re sending this out a day early as our offices are closed for Independence Day tomorrow. We’ll be back at it again on Monday (July 7) with your regular issue. Have a great long weekend!

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Most of June saw quiet action, with the market doing little despite good or bad news. But the last two weeks have seen a change in that—first, in a good way last week, with the major indexes and most everything rallying to new highs, but second, this week saw a good-sized rotation out of all things growth and into other areas, with the Dow Industrials and even defensive sectors (consumer staples) leading while most growth titles softened.

After two big support and accumulation weeks, this week has seen more digestion in the major indexes—and, really, we saw the first “real” selling since early August on Thursday, with some heavier-volume selling. Even so, as of this morning, it’s still shaping up to be a positive one, with most indexes up in the 1% range given the pre-market indications, maybe a bit more on the growth side of things.

It’s been another relatively quiet week for the major indexes, with most in the black coming into today but by less than 0.5%. Today saw big news that the Supreme Court stuck down many tariffs, though the market seems to be taking that in stride, possibly because many could be put up under different authority. All in all, the action keeps the current market dynamic in place—the big-cap indexes are in a mostly sideways phase, while the broader indexes are in modest uptrends.

From an index perspective, it’s been a down week, though most of that is occurring this morning (partially due to Iran/war fears), with most everything flat-ish coming into today. That generally keeps the top-down evidence the same: The broad market is positive (but not powerful), the big-cap indexes are stuck in neutral and growth measures are generally still struggling.

Now, we would say there have been a couple of green shoots when it comes to growth and high relative performance stocks more generally. First, as opposed to much of December and January, we have seen more names trend higher in recent weeks (as opposed to pop higher for a week or two and then implode).

The year started out pretty well over the first two days (last week), but this week has been more of a downer, with the major indexes down a bit and with some leading growth stocks again coming under pressure. Going into Friday, most major indexes reversed early-week gains and are down 0.5% to 1% on the week and that doesn’t include what looks like a morning gap down following this morning’s jobs report.

After a tedious five-plus weeks in the market that saw most everything hit the skids, this week has been very encouraging, thanks in large part to the market’s reaction to Wednesday’s inflation report. On the week, the big-cap indexes are up 2% to 3% while the broader measures (which got hit hardest in the past month) are up 4.5% or so.

Last week, we started our multi-part discussion on position sizes, and looked at the benefits and weaknesses of an equal-weighted approach. Let’s look at perhaps the most common weighting used by fund managers: relative weighting.

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