That's A Wrap

So we had another day of benign consolidation. The markets were down slightly, but volume ran lighter for a 2nd straight session. That's how I like it, for volume to expand on the rallies, and the pullbacks to come on lighter volume.

And at least we didn't turn around right away and give back all of the big gains from Wednesday. Regardless, the SPX was down for third straight week. I think that sets us up for a strong week next week, going into quarter-end, regardless of the FOMC meeting.

Mid-caps (MID) outperformed handily today, gaining +0.9%, and small-caps (RUT) also bucked the weakness, rising +0.3%. And don't forget the renewed interest in growth stocks.

The 10-year yield rose again to 5.23%, a new high for the year, but in-line with the 5.25% fed funds rate that the Street is looking for next week.

Check back this weekend for the weekly roundup as well as our weekly sentiment check, which will again show some astounding levels.
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