The past two weeks have been filled with earnings reports, trade deal rumors and central bankers making speeches. While earnings reports have stepped over lowered bars for success, earnings are still down 5-10% year over year - which, at presently elevated valuations, should have been a bit more painful than it has been. Given that, the internals of the market are showing promise. Small-cap stocks and transports here in the US are showing some strength, while Europe and Japan are showing signs that they could be breaking out to higher levels. A rotation out of