The equity market continues to be stuck in a trading range that has generated nearly flat returns on a year to date basis. Although most U.S. market indices were higher last week, YTD returns are muted: S&P 500 Index (1.8%), Dow Jones Industrial Average (-.4%), Russell 2000 (-3.0%). This past week the apparently strong employment report indicated the unemployment rate declined 40 basis points to 6.3%. A significant negative in this report is the decline in the rate was primarily a result of the continued decline in the participation rate to 62.8%. The unemployment report noted the labor force fell a massive 806,000. A number of articles in this week's magazine discuss implications surrounding last week's job's report. "Sell in May" continues to be a topic du jour and hopefully this week's magazine will be the end of the "sell in May links. Lastly, several links provide commentary on the continued rotation occurring within the market. Since mid April growth is once again outperforming value providing further evidence the market is struggling to breakout of the 2014 trading range.