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Good Week Despite Headwinds

This has been a good week. We are seeing the market respond to strong earnings from industrials, tech and materials, after expressing little enthusiasm for financial earnings.

This week:

S&P 500 up 1.3%

Tech up 3.0%

Materials up 2.8%

Energy up 2.4%

Financials down 0.2%

Of course, the dollar weakness has been a big help to commodity and commodity stocks.

Result: Dow Industrials at new highs, and about one percent shy of new highs on the S&P 500 and Nasdaq.

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Good news: some rotation into higher quality names like healthcare...UnitedHealth got health care off to a great start with its earnings report today.

Of course, there are a lot of headwinds: uncertainty over the pace of stimulus removal by the Fed, how quickly the ECB will be raising rates, commodity prices going up are a tax on global growth (though good for earnings in companies in that sector). The trend is still up but there's more and more macro baggage.

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