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Last week, we outlined four ingredients of a market bubble that were usefully outlined in a recently published book1”and briefly described how it clearly appears that our stock market is in a bubble. These ingredients include easy trading of assets, cheap and easy money, rising speculative fervor and an appealing narrative.

It’s been another mostly positive week for the major indexes, with the Nasdaq leading the way and most broad market indexes up marginally. We’re encouraged, though, by another solid performance by some of the growth-oriented indexes and funds, which continued to outperform this week.

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.

Today’s note includes earnings updates on Duluth Holdings (DLTH) and Signet Jewelers (SIG), the podcast and the Catalyst Report.

Today’s note includes earnings updates, ratings changes and 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.

Stocks moved lower again this week, though we will say the buyers have at least put up a little bit of a fight, with both Wednesday and (so far) this morning showing some buying.

Today’s note includes earnings updates on 12 companies, the podcast and the Catalyst Report. We publish the Catalyst Report on the Friday after each monthly issue of the Cabot Turnaround Letter. There were no changes to any of our ratings this week.

Today’s note includes earnings updates, ratings changes and the podcast.

Today’s note includes earnings updates on 11 companies and the podcast. On Thursday, we moved shares of Oaktree Specialty Lending Corporation (OCSL) from Buy to Sell.

It’s been a solid, steady post-holiday week for the market, with the major indexes generally flat (small and mid-caps) to up (S&P 500 and Nasdaq) 1% or so. That keeps the intermediate-term trend pointed solidly up, with all indexes we track a few percent above their 50-day lines.

Today’s note includes earnings updates, ratings changes, the podcast and the Catalyst Report.

This week we had two companies reporting earnings, one reports next week, and the earnings deluge starts the following week with at least seven companies reporting.

This week, ten companies reported earnings, with Berkshire Hathaway (BRK.B) reporting tomorrow (Saturday): Barrick Gold (GOLD), Conduent (CNDT), Gannett (GCI), GCP Applied Technologies (GCP), General Motors (GM), Jeld-Wen Holdings (JELD), LaFargeHolcim (HCMLY), Meredith Corporation (MDP), Mosaic (MOS), and ViacomCBS (VIAC).

he overall evidence remains mostly positive, though after a heady rebound, the indexes and many growth stocks are correcting and consolidating.

Growth stocks continue to bleed today, with many down 4% to 10% even as money rotates into cyclical areas. Our trend-following indicators are still positive, so we’re not selling wholesale, but as growth investors, we are turning cautious—we came into this week with 41% in cash.

There remain a few yellow flags in this environment, especially as many indexes are chopping around and trends in individual stocks and sectors remain fleeting. But there’s no question that the action in growth stocks has improved, so we’re going to put a bit more of our large cash hoard to work—we’re going to add half-sized positions in both DocuSign (DOCU) and Cloudflare (NET), which are two of the best-looking growth names in terms of story, numbers and charts.

Crista has two rating changes today and reports on another with a good 2020 outlook.

This is the type of day where you’d typically want to be just watching and waiting, or even doing a little buying. But we have two positions that are at or near prices where we need to take some action.