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Last week brought "good" news, at least as far as markets are concerned, and poor performance. This is telling.
I have been recommending a defensive stance in equities since at least February, and the truth is told, that hasn't worked out so well. The S&P 500 Index has returned 4.3 per cent since then, including reinvested dividends. I'm not ready to throw in the towel.
What compels me to keep at it is the behavior of stocks at the close of last week -after the big gain in University of Michigan's consumer sentiment index, after the European Central Bank sounded a more dovish tone, after US retail sales rebounded with strong upward revisions to past months, and after the ouster resignation of chief strategist Steve Bannon from the White House.
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