December E-mini S&Ps (ESZ14 -0.08%) this morning are down -0.16% ahead of the FOMC decision later today, and European stocks are up +0.16% on better-than-expected earnings results from Total SA and Schneider Electric SE.

A basic investment concept is to that high quality stocks fare better in down markets than low quality stocks, and therefore in late stages of a Bull market with generally fully valued stocks, tilting equity allocations toward high quality is prudent.

Stock investors entered the Fourth of July holiday on a high note, pushing the Dow Jones Industrials Index above 17,000 and the Wilshire 5000 Total Market Index above 21,000...

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The highest scoring names in large cap from 1 year ago returned 731 bps more than the S&P 500. The top performers are DAL up 147%, PXD up 67%, MA up 60%, MCK up 59%, and GM up 57%.

The highest scoring names in large cap from 1 year ago returned 937 bps more than the S&P 500. The top performers are DAL, GILD,, MCK, and HRB..