Mid-way through March and the increasing number of stocks joining the bull market continues.
Last year many market participants made note of how the FANG stocks were carrying the S&P 500 to record high territory all by themselves and how growth was the only trade that worked. Well, this year, that is certainly not the case. As those FANG stocks consolidate, all those other stocks are lifting the S&P 500 to record highs. As the Nasdaq and the growth style struggles to advance to new record highs, the Dow Jones and the value style has assumed that leadership position. A broadening out of stocks and sector performance is ultimately what you like to see if you want the bull market to continue.
For the week ahead, we hear from the Federal Reserve on Wednesday. What Fed chair Jay Powell says or doesn’t say could be a market mover. What to watch is how does the bond market react and in what direction do interest rates move? The answer to those questions will most likely tell us how stocks finish the week.
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