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One stock reports third quarter earnings beat and another moves from Hold to Strong Buy.

This was another one of those weeks where you look at what the S&P 500 did—up 1.5% to a 52-week high—and you look at what the S&P 600 Small Cap Index did—up 1% to 945 and back above its 50-day line, but well off its 2019 high of 994 (let alone its 52-week high of 1,100) and you think the big picture is pretty good, but this still isn’t a broad-based market rally.

The major indexes took a hit today, with the Dow losing 179 points and the Nasdaq sinking 121 points.

Our Cabot Tides are yet to flash a green light, and thus we’re content to hold our strong, profitable stocks, but also to keep a chunk of cash on the sideline.

It’s been a relatively quiet week for the major indexes despite some bad news (Iran, big warning from Broadcom today), which we take as a constructive sign following the strong push higher after last Monday’s market low. As we write this, the S&P is up 0.6% and the Nasdaq is up 0.5% on the week.

This week’s rally was enough to turn the intermediate-term trend up—small caps are still lagging a bit, which isn’t ideal, but every major index is back above its 50-day line, and a couple (S&P 500, NYSE Composite) have nosed out to new highs.

The FOMC is meeting this week and investors can hardly contain their euphoric bliss. In-the-know pundits are already factoring in a rate cut next month and more before the end of the year. The market rallied strongly yesterday as it salivated over the prospect.

Onto the market, the major indexes had a relatively quiet week ahead of the G20 summit, which is (mostly) taking place over the weekend.

It’s been a modestly positive week, with most major indexes and leading stocks posting gains. As we write this Friday morning, the S&P 500 and Nasdaq are up less than a percent on the week, but both have hit new all-time highs this week.

Many of our stocks seem stuck in the mud—not bad, but not blasting off like some of the market’s leading stocks. Also, looking at the Marijuana Index, we see that it’s now come back down to where it was in mid-January.

The market is at new all-time highs. If there’s more bad news, it could go a lot higher. The biggest risk to the market right now is stronger-than-expected second-quarter GDP growth.

Lean bullish. The market’s evidence remains mostly positive, though the action of growth stocks over the past two weeks has been less than stellar. But when looking at the overall market, we see more positive vibes than negative ones.

Results of the annual Dodd-Frank Act stress test (DFAST) and the Comprehensive Capital Analysis and Review (CCAR) are due on June 21 and June 27, respectively, after the markets close.

One stock reports strong fourth quarter and moves from Strong Buy to Hold.

One stock moves from Buy to Hold and there is price action and/or news on three more.

If you could draw up a reaction to the selling of the past couple of weeks, the past few days would have been it, with the market basically levitating higher all week, including this morning’s pop. As we write, the S&P 500 is up 2.6% on the week, while the Nasdaq is up 3.5%.

Remain bullish, but take things on a stock-by-stock basis. The market has begun to pull back after a great couple of months, and stocks could easily correct and consolidate further.

We’re in an environment that is ideal for dividend stocks. And the relative performance of these stocks going forward will likely be the best in many years. Enjoy this update, because you’re in the right place at the right time. No rating changes today.