Tuesday's price action was interesting and, we believe, rare. The major indices gapped nicely higher at the open and added to their gains until about 9:50 a.m. The market then witnessed a vicious selloff in what looked like a second consecutive day with a failed rally. Intraday rallies that don't hold during a downtrend generally are very bearish and show that investors are selling any kind of strength. Yet on Tuesday, the dip buyers emerged and pulled off quite a buying spree. Some selling set in at 3:00 p.m., perhaps from margin calls.

Sustainable Impact Investing is gaining traction not only with Argus Research clients but also with the global investment community. As assets have flowed in over the past 40 years, Sustainable Investing has evolved. The discipline, originally known as Socially Responsible Investing, first focused on excluding companies that conducted business in South Africa, or participated in industries such as tobacco, alcohol, and firearms. In time, the list of industries to avoid increased to include soft drinks, fast food, and oil and gas, among numerous others. Performance of initial strategies lagged, and the approach has been modified. Now, instead of merely identifying industries to avoid, the discipline promotes "sustainable" business practices across all industries that can have an "impact" on global issues such as climate, hunger, poverty, disease, shelter, and workers' rights. Given the strategy's focus on leading management practices, we expect the growth curve for Sustainable Investing to again slope upward in the years ahead.

Stocks saw a nice snapback rally on Wednesday. Crude oil (WTI) was smacked, falling 5.5% to $98.50/barrel, while Brent oil dropped by about the same percentage to $105/barrel. That took a lot of pressure off the bond market, as the 10-year Treasury yield declined 9.5 basis points (bps), the 5-year fell 10.5 bps, and the 2-year dropped 8 bps.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.