Today, the tepid market had virtually no new data from corporate earnings or the economy, and slid lower throughout the day, especially near the closing. But the 10-year bond yield hit a two-year high at 2.9% and closed at 2.88%.

The increase in bond rates should have been expected with the Fed minutes due Wednesday. The market hates uncertainty. However, it is very certain that the longer-term rates will go higher. The Fed’s annual conference with economists begins Thursday in Jackson Hole, Wyoming, without Chairman Bernanke’s presence. Very few new “certainties” are likely to come out of the symposium. The bottom line: It is a bad time for bonds but should be a good time for stocks. 

Today was a flat market day with the DJIA and the S&P off a small amount while NASDAQ gained a few points. But it was better than last week when all style/caps ended the week in the red. Large-cap value was down the least, at -0.8%, while small-cap value was down the most, at -1.11%. 

Four stocks that don't ordinarily make the cut for our institutional portfolios piqued my interest in today's market. One had only two analysts reporting estimates; all had dividends, but none were as high as 2%. For these reasons, they were eliminated from consideration for our institutional portfolios. Yet, all are interesting growth companies, reasonably priced, and in multiple sectors.