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Well, we’re in the thick of it. New citywide, statewide and national mandates are being pronounced daily, the stock market fell dramatically, my two daughters were sent home from college, three close relatives lost jobs/projects, and one close relative is a basket case over potentially losing his business.

It’s been a solid rebound week for the markets, but as has been the case lately, it really depends on where you look—many major indexes actually hit new highs yesterday, but the Nasdaq could “only” get back to its 50-day line, and so far this morning, we’re seeing some sellers reemerge.

It’s been a very solid week for the market—at the close last Friday, the market’s overall intermediate-term trend was close to cracking, but the upmove in recent days has pushed most indexes nicely higher. In fact, both the S&P 500 and Nasdaq have nosed to new highs, which, as trend followers, is all to the good.

From a top-down perspective, the song continues to remain the same for the market—most major indexes are still in uptrends, albeit very choppy, while the Nasdaq and most growth stocks is in a correction/consolidation. Combined, that argues for a relatively cautious stance.

It’s been a very, very interesting week in the market. From a top-down perspective, it wasn’t the biggest deal: As we enter today, most major indexes are up in the 1% to 1.5% range on the week. At best, this puts the intermediate-term trend back to neutral for the major indexes, while most stocks (north of 60% of them) are still languishing below their respective 50-day lines.

The coronavirus continues to make headlines, with this week’s victim being Apple Inc. (AAPL) which announced that 2020 revenues are going to take a hit from the work stoppages emanating from China.

Things had been a bit too quiet in the market, and that usually results in some unexpected action, and we’re starting to see that now—many leading cyclical stocks and sectors have broken down, while yesterday, growth stocks (especially the winners from last year) ramped … basically, another big round of rotation. Today, though, we’re seeing the sellers hit everything, growth and cyclical alike.

Monday’s market downturn was a bit breathtaking. First we had a stock market that was overdue for a pullback. Then the coronavirus hit, harming the Chinese economy, which in turn harms every business that sells products and services in China and manufactures products in China.

After a brutal couple of weeks for growth (especially) and the broad market (a bit near the end), this week finally saw a bit of encouraging action. No, the major indexes haven’t lit up the sky (the S&P 500 is flat and the Nasdaq is up around 1% on the week), but we have seen some support appear—the market fell Monday and Tuesday and gapped down sharply on Wednesday, but most stuff has bounced nicely since then.

This week has been pretty quiet for the major indexes—coming into today, most were up on the week but by 0.5% or less.

This remains an “on the one hand, on the other hand” type of market. On the one hand, we continue to see more and more setups among growth stocks along with a lack of major selling, and starting on Wednesday, even some of the stalled-out cyclical names (especially metals and energy) began to find buyers. Plus, of course, the major indexes are still in good shape, all of which are above their 50-day lines, which keeps the intermediate-term trend pointed up.

The first three sessions of this holiday-shortened week have been down across the board for the major indexes, but as has been the case, the damage has been tame in some places and harsh in others. Big-cap indexes are down less than 1% (and should be flat-ish after this morning’s open), while broad market indexes (NYSE Composite, small- and mid-caps) are down 2% to 3%, mostly due to weakness in financials, energy and transports.

The markets had a mostly positive week, with most indexes up, and interestingly, the strength has been relatively broad based—whether it’s the big-cap indexes or small-cap indexes, growth or value, everything seems to be up in the 1% to 2.5% range.

A week ago we said “up is good,” as the market’s bounce from its lows was a good thing to see—but, at day’s end, didn’t really change the overall environment. And that’s how we feel about this week, but in the opposite sense—we’ve seen renewed selling pressure on the Nasdaq and growth stocks, and this time, even some of the broad market has been caught up in it (like energy names).

It’s been a relatively quiet holiday-shortened week, with the indexes and many individual stocks not making many moves. (A few groups, like energies, financials and even REITs made decent moves, but that was about it.) It’s possible this morning’s jobs report could change that, but all in all we’ll chalk it up as a neutral week—which, coming after three constructive weeks, is fine by us.

Here’s how I handle my personal stock portfolio when I’m expecting a market correction. When I sell a stock, I put part of the capital in the money market fund, and I reinvest part of the capital into an attractive stock opportunity.

Capital market, economic, geo-political and societal changes are happening quickly.

It’s looking like another constructive week for stocks, as the major indexes are trading in the black, led by the strong small-cap area (up nearly 3%). Thanks mostly to last week’s powerful rebound, the intermediate-term trend of the indexes remains firmly up.

Today’s note includes the podcast.

You probably couldn’t have scripted a better response by the market and leading stocks to last week’s wild action—the major indexes (a couple of which nosed below their 50-day lines last Friday) have moved straight up this week, with some approaching new-high ground, and many leaders have followed suit. Indeed, in our issue this week, we said the next few days should be key, and we think they have been.