Last week saw both the equity and fixed income markets stay in a narrow trading range,  which was a very welcome sign of stability given the potential dislocating news backdrop of corporate-profit reports, Brexit negotiations, trade-war commentary, chaos in Syria, and the continued political upheaval in Washington heading into the week. In addition, the Russell 2000 and Dow Transportation Index outperformed, the S&P 500 (SPX) advance-decline line made a new high (barely) and the cyclicals beat the defensive sectors for a change.

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