Below is the spreadsheet I use to help track the relative strength of the various areas of the general market. Green is a shift higher, and red is a shift lower.

The "rising inflation, rising yields, strong energy" trend is showing up in this spreadsheet with the Transports leading the major indexes, and with Energy and the Regional Banks and Brokers leading in both the Sectors and Industries sections.

However, there is an inconsistency with so much weakness in the Gold Miners and Emerging Markets which should be doing well in this environment. It means there is an important piece of the puzzle that we don't understand yet. (My guess is the enormous amount of world-wide debt.)

Friday's trading session has me worried. It was not kind to the Energy group, and yields were declining all week. So we need to decide if this was just a pullback, or if something larger is happening.

I usually like to have my money in the leading groups, and last week I was focused on putting money into Energy. But at the moment I am not sure. These inflation-sensitive and rising rate-sensitive ETFs aren't acting properly.

This chart does not inspire me. So far, this year's rally looks like a test of the top of the range in a sideways trend.

Which way is this group going? We just have to wait and see.

Outlook Summary:

• The long-term outlook is cautious.
• The medium-term trend is up as of May-10. 
• The short-term trend is up as of May-7. Looking for signs of the next ST downturn.
• The medium-term trend for bond prices is down.

Investing Themes:

• Software
• Medical Products
• Cyber Security
• Payment Processors
• Small and Micro Caps

Strategy:

• Buy large cap stocks and ETFs at lows of the medium or short-term trend.
• Buy small cap growth stocks on break outs to new highs during the early stages of short-term up trends.
• Stop buying when the short-term trend is at the top of the range.
• Take partial profits when the uptrend starts to struggle at the highs.
• Never invest based on personal politics.