THIS WEEKS MARKET MOVERS

Monday Aug 8	Tuesday Aug 9	Wednesday Aug 10	Thursday Aug 11	Friday Aug 12
Market Focus » International Perspective » Simply Economics » Labor Market Conditions Index 10:00 AM ET 4-Week Bill Announcement 11:00 AM ET 3-Month Bill Auction 11:30 AM ET 6-Month Bill Auction 11:30 AM ET TD Ameritrade IMX 12:30 PM ET	NFIB Small Business Optimism Index 6:00 AM ET Productivity and Costs 8:30 AM ET Redbook 8:55 AM ET Wholesale Trade 10:00 AM ET 4-Week Bill Auction 11:30 AM ET 3-Yr Note Auction 1:00 PM ET	MBA Mortgage Applications 7:00 AM ET JOLTS 10:00 AM ET EIA Petroleum Status Report 10:30 AM ET 10-Yr Note Auction 1:00 PM ET Treasury Budget 2:00 PM ET	Weekly Bill Settlement Jobless Claims 8:30 AM ET Import and Export Prices 8:30 AM ET Bloomberg Consumer Comfort Index 9:45 AM ET EIA Natural Gas Report 10:30 AM ET 3-Month Bill Announcement 11:00 AM ET 6-Month Bill Announcement 11:00 AM ET 52-Week Bill Announcement 11:00 AM ET 5-Yr TIPS Announcement 11:00 AM ET 30-Yr Bond Auction 1:00 PM ET Fed Balance Sheet 4:30 PM ET Money Supply 4:30 PM ET	Retail Sales 8:30 AM ET PPI-FD 8:30 AM ET Business Inventories 10:00 AM ET Consumer Sentiment 10:00 AM ET Baker-Hughes Rig Count 1:00 PM ET

The small caps have taken the field following an institutional overcommitment in large-cap, high-dividend stocks. This is confirmed by a run in the Russell 2000, which is up 5.4% since the end of June compared to 3.1% for the S&P 500. And small and mid caps outperformed eight of the 10 S&P sectors in July.

It seems that since the Fed is loath to raise rates, investors have taken a more aggressive approach. In other words, risk is back on.

It appears that following a major run-up in big-cap, high dividend stocks, investors have turned to the higher dividend small- and mid-cap stocks. While IWM has some serious overhead (i.e., potential sellers) to contend with since its high was made in mid-2015, MDY is in the clear.

Expect new highs in the mid-cap stocks with mild resistance from the small caps. One of the most visual characteristics of a bull market is group rotation, and that has been the most prevalent feature of the July advance.

THIS WEEKS MARKET MOVERS

Monday Aug 1	Tuesday Aug 2	Wednesday Aug 3	Thursday Aug 4	Friday Aug 5
Market Focus » International Perspective » Simply Economics » PMI Manufacturing Index 9:45 AM ET ISM Mfg Index 10:00 AM ET Construction Spending 10:00 AM ET 4-Week Bill Announcement 11:00 AM ET 3-Month Bill Auction 11:30 AM ET 6-Month Bill Auction 11:30 AM ET Gallup US Consumer Spending Measure 2:00 PM ET	Motor Vehicle Sales  Rob Kaplan Speaks 6:15 AM ET Personal Income and Outlays 8:30 AM ET Gallup US ECI 8:30 AM ET Redbook 8:55 AM ET 4-Week Bill Auction 11:30 AM ET	MBA Mortgage Applications 7:00 AM ET ADP Employment Report 8:15 AM ET Gallup U.S. Job Creation Index 8:30 AM ET 3-Yr Note Announcement 8:30 AM ET 10-Yr Note Announcement 8:30 AM ET 30-Yr Bond Announcement 8:30 AM ET PMI Services Index 9:45 AM ET ISM Non-Mfg Index 10:00 AM ET EIA Petroleum Status Report 10:30 AM ET	Weekly Bill Settlement Chain Store Sales  Rob Kaplan Speaks 6:15 AM ET Challenger Job-Cut Report 7:30 AM ET Jobless Claims 8:30 AM ET Gallup Good Jobs Rate 8:30 AM ET Bloomberg Consumer Comfort Index 9:45 AM ET Factory Orders 10:00 AM ET EIA Natural Gas Report 10:30 AM ET 3-Month Bill Announcement 11:00 AM ET 6-Month Bill Announcement 11:00 AM ET Fed Balance Sheet 4:30 PM ET Money Supply 4:30 PM ET	Employment Situation 8:30 AM ET International Trade 8:30 AM ET Baker-Hughes Rig Count 1:00 PM ET Consumer Credit 3:00 PM ET Treasury STRIPS 3:00 PM ET
U.S. Equity Settlement 8-4-16	U.S. Equity Settlement 8-5-16	U.S. Equity Settlement 8-8-16	U.S. Equity Settlement 8-9-16	U.S. Equity Settlement 8-10-16