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Near the close today, the Dow was off 50 points, the Nasdaq was up 23 points, with both finding solid support after a weak open.

We’re sticking with a cautious stance—selling stocks that crack, holding plenty of cash and focusing more on capital preservation until the buyers reappear.

You’ve watched the coverage and read the headlines, so we won’t go over all the details, but suffice it to say that the market has had a historic crash during the past three weeks, though this morning’s bounce is providing at least a little calming influence.

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.

After a month-long crash phase that brought the S&P 500 and Nasdaq down 33% to 35% from their February highs, this week has finally brought a relief rally and a few pieces of encouraging news, with the major indexes rebounding north of 10% each and many other markets that were hit hard (such as junk and corporate bonds) doing the same.

Stocks rebounded late in the day last Friday and staged a powerful bounce on Monday, but we have to say, the action since then has been more than a bit discouraging—net-net, the major indexes are now down on the week and aren’t far from last Friday’s intraday lows.

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.

This week only four companies reported earnings. As your chief analyst is traveling this week, there is no podcast.

Despite some Iran-related uncertainties, stocks have put on another good show this week, with many major indexes punching out to new highs. As we write this Friday morning, the S&P is up around 1.5% on the week, while the Nasdaq is up more than 2%.

It’s been another solid week for the market, with the major indexes kiting higher and, while individual stocks were a bit more mixed and news-driven, most are acting just fine.

Earnings season is in full gear this week, with six companies reporting.

Growth stocks have finally hit a pothole this week as investors have generally rotated into beaten-down names. Coming into today, the Nasdaq was off about 1.3%, but the S&P 500 was up about 1% and the broader indexes had put on a good show (small- and mid-caps up more than 3%).

It was a relatively quiet week looking at the major indexes, though yesterday (where there was a brief selling wave) and this morning (follow-on selling) has shaken things up a bit.

Looking at the overall picture, not much has changed—it’s a mixed picture, but there’s definitely more good than bad.

This week has continued the trends of the past three months, only on steroids—as of this morning, the leading Nasdaq has had a great week (up nearly 3%), but the S&P 500 is only up a smidge on the week, while the broader indexes have lagged badly (S&P 400 Mid-Cap is down 2%, S&P 600 Small-Cap is down more than 3%).