Take a Break… We get arguably the best set of Q1 earnings so far this season and this is how the market reacts?? Profit taking and a bit of month-end rebalancing seem to be the favorite culprits behind today’s well-deserved step back: the S&P is still on track for its best month since 1987, after all. Along with the pause has come a reversal in the underlying trends that carried indices higher through the week: Value sectors like Banks / Energy / Autos are taking a back seat while Momentum plays are back on top, and Small Caps are cooling off (IWM -3.5%) after near-record streak of outperformance the last few sessions.
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