The market is trying grapple with the move from yield to growth when there is very little growth. I don't think they are mutually exclusive. You can have good quality stocks on relatively good value with good growth and yield outlook. Once the FOMC short term risk is out of the way, market will start to trend up again. Institutional investors will be taking time off with school holidays next week while retail investors will have a bigger say. I expect we will see majority of the big caps to turn positive by the end of the week.
There are some conflicting technical views appearing on Livewire right now... (see the QMG post today). Are your Quant indicators telling a diiferent story?