As US stocks continue their march higher we'd like to remind readers of the market leadership in general and especially off of the October low. Stocks have staged a powerful rally, but the leadership has been and remains counter cyclical stocks and Knowledge Leaders, companies that successfully employ knowledge capital to achieve outsized returns. This has not been a "dash for trash" rally, to the contrary. This extremely powerful 10% rally in the span of one month has been led by high quality innovators and stocks with stable cash flows (which are more coincident than mutually exclusive attributes).