The stock market has made a dramatic move to the upside since the election, with the Dow Industrials rising more than 1800 points, or 10% in a little more than a month. This size of a rally is not unprecedented, however. It rose more in both percentage and actual points when it recovered earlier this year in January and also in the fall of 2015. Both of those advances led to some months-long consolidation periods, and we see the same thing coming for the current rally, but we are also confident that the longer-term trend will continue to be bullish. The smaller-sized growth stocks have led the Dow and S&P in performance during this most recent rally, which is a change from those previous rallies, where the FANG stocks led on the upside, and this is a positive change that should have better long-term implications, as it signals a higher level of investor confidence that is needed to support longer-term gains. Eventually, we expect the underperforming Health Care stocks to join in on the upside, but this probably won’t happen until later next year when the policies of the new administration are more apparent. Donald Dickey RBC.