Though October 4th seemed like a reversal day with late day rally and continued rally for the next 2 days, the small cap and Nasdaq issues by the week end were indicating sluggishness compared to Dow Jones Industrial Index.
We are still in macro driven environment, but earnings season can be a good catalyst for the setting the direction into this earnings season. The number of new highs compared against number of new lows is still low and may not justify a broad rally yet.
30 year mortgage rates hit historical lows at 3.93%, but has now risen above 4%. I think there will be another occasion for 30 year mortgage to dip below 4%.
Last week's (week over week) market Sectors Returns and Internals: