The market posted back-to-back winning sessions, but for a moment yesterday, it looked like the big start would evaporate.

Giving up a 3.0% move in a major equity index is a red flag, but it wouldn’t have been a total shock these days, as volatile swings have become the norm.

So much of this has to do with the White House's mixed messaging, which persists, along with all the leaked stories of serious infighting. I want passion, but we need more orderliness and precision for public consumption.

Tale of Two Markets

Major indices would have been much lower this year if not for value resilience. 

Growth has taken a big hit this year, but what role will growth sectors play in the eventual rebound?

Yesterday, the three growth sectors led the S&P 500 (SPX), and momentum soared as low volume lost altitude. I think there will be a combination of leadership, but you cannot give up on growth.

It’s another huge day for earnings, which have been better than expected.

Last night, there were big pops for ServiceNow (NOW), Lam Research (LRCX), Texas Instruments (TXN), Whirlpool (WHR), Community Health Systems (CYH), and United Rentals (URI), while the International Business Machines (IBM) took it on the chin despite beating on the top and bottom lines.

Today’s Session

Futures have recovered from their earlier morning lows, and most are now indicating they will open slightly in the green.

New Orders for Durable Goods in March rose 9.2% M/M, accelerating from 0.9% in February and well above expectations of a 2% rise.