The Leader List

There were no changes to the leader list. 

There was nice follow through today for the foreign ETFs such as India, Latin America, Brazil, South Korea. The Gold Miners look interesting coming off their lows.

Semiconductors, Technology, Pharmaceuticals all looked good. 

Consumer Discretionary is looking a little wobbly. The Regional Banks were weak.

It makes sense to see the miners start to rally since the emerging markets are doing well.

 

The banks look headed lower to me. Diminished hopes for higher rates is probably behind the rally in the miners and the sell off in the banks.

 

Outlook

The Value Line Survey is cautious towards the market due to high stock valuations. Also, weak commodity prices are a concern.

The long-term outlook is positive.
The medium-term trend, not sure.
The short-term trend is up as of April-20.