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It’s been another constructive and encouraging week for the market in our view. As we write this morning, the S&P 500 and Nasdaq aren’t up much on the week (0.4% or so), but given that we just had five weeks in a row on the upside, we take the calm action as a plus.

Small caps have been lagging, and have failed to return to their 2018 highs, for too long. If the asset class can get back in gear, we’ll have more things working in the market for early-stage investors.

Today will be an important day for our retail apparel stocks.

The rotation that we started to pick up on a couple of weeks ago was unleashed late last Friday and the first couple of days of this week, with just about any stock and sector that’s enjoyed a good run this year coming under pressure—including more than a few names that flashed abnormal intermediate-term action.

As for the market, it’s been an interesting week and a crazy month. After last Friday’s plunge, stocks have bounced back strongly, with the S&P 500 and Nasdaq both up more than 3%.

The overall market appears to be largely pricing in a continued trade war with China and a slowing global economy. It’s also pricing in a rate cut this month and more to follow. The indexes appear to want to forge higher provided trade frictions don’t get worse, the global economy doesn’t crash and the Fed comes through on the rate cuts.

The major indexes were mixed today, with the Dow up 74 points and the Nasdaq losing three points. But the story once again was weakness under the surface, as growth stocks remained under the gun.

In the broad market, all is well, as all trend-following indicators are positive, and the number of stocks hitting new lows has been minuscule in recent days.

Oil prices and shares of oil-related stocks surged this morning after a terrorist attack on Saudi Arabian oil fields shut down about half of Saudi Arabia’s daily oil output.

As summer morphs into fall and Wall Street returns to full operation, I’m seeing some welcome signs of buying in the cannabis sector. So today we’ll join them, by averaging up in two of our holdings.

One of our portfolio stocks moves from Strong Buy to Hold.

It was a pretty quiet week with most of our stocks up in the 3% -5% range. There are no changes to the portfolio.

Remain cautious, but stay open minded. We’re encouraged by the recent action from the market, including some of the power and breadth of the rally.

We’re making some portfolio adjustments today.

Oil prices are volatile now that about half of Saudi Arabia’s oil production is temporarily curtailed. Rising oil prices can help oil and chemical stocks, and hurt airline stocks.

The major indexes are tilted to the upside to start the week—however, under the surface, we’re continuing to see increasing selling pressure on most growth stocks.

The big news that affected the market this week was, of course, the dreaded yield curve inversion. This happens when the 10-year Treasury yield goes below the 2-year yield.

One of our portfolio stocks moves is being retired and there is news on five more.

It’s one of those special days in the market where the Fed will make a highly anticipated decision on interest rates. It is widely expected that the Central Bank will cut the Fed Funds rate by 0.25%.