To me, it looks like the correction is ending. After two straight double-digit rallying quarters, it's not too surprising to consolidate. As they say, "two steps forward, one step back". In fact, that's about what happened, as the -11% move from the early April peak to the early June trough retraced about 45% of the move from early October's lows. We look to be almost back on track, and I believe that clearing 1370 on the S&P 500 will serve as the inflection point for people to recognize a "summer rally".
If you agree with me, you might want to consider investigating growth stocks that have held in fairly well, as typically these lead the way in the next expansion phase. With that in mind, I screened the Russell 3000 using Baseline to try to find some new ideas with market capitalization >$1 billion to investigate.
I was trying to find is a group of stocks with positive price and earnings momentum with a growth orientation and reasonable valuation. This was a nasty correction: 35% of the Russell 3000 stocks sit more than 25% below their 52-week highs. For whatever reasons, investors refused to dump these growth stocks. Here are the six that made the cut: