After bouncing around between its 50 and 200-day moving average for about six weeks, the S&P 500 finally broke out of that trading range in early May. Momentum continued throughout the month with large cap stocks gaining 2.41%. Down the cap scale fared even better, with small cap equities rising an impressive 6.07%! A firming U.S. dollar and less sensitivity to global trade are often cited as catalysts for recent small stock outperformance. The aforementioned dollar strength, however, was a headwind for foreign assets. International and emerging stocks fell 2.25% and 3.54%, respectively, in May.