By Kevin Wong, Senior Portfolio Strategist

Since we wrote the last article, calling it a time to reflect and to take some profits on US equities, the S&P 500 has powered above the psychological 3000 mark. Driving that rally was a rotation into “Value” stocks (Energy, Financials, Industrials) which also resulted in “Growth” stocks underperforming (Technology, Healthcare, Communication Services and Consumer). We admit it was not a great feeling.