Stocks tend to rally BEFORE the end of a recession, and small cap issues tend to lead large cap coming out of a recession. Friday was the first day we have seen this type of action in small cap relative to large for several months – i.e. before the correction started. Speaking of this week, we would expect the market to pull back a bit and have a down week. Indeed, last week should have, and probably would have been down had the GILD news not hit.
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