Rates

These ETFs are skewed left meaning that fixed income continues to generally underperform. In addition, TLT continues to be the worst performing ETF which indicates there is still upward pressure on rates.

The Short-Term Leader List

The foreign ETFs are making a big comeback. South Korea and Emerging Markets ETFs re-joined the leaders, and Brazil looks strong.

Pharmaceuticals were also strong today. There were some very good earnings reported for some of these stocks.

Staples were weak. Kellogg and General Mills are hitting 52-week lows.

I continue to watch the Semiconductors because I think the market will follow this index either up or down.

Pharmaceuticals look interesting to me.

Outlook

The long-term outlook is positive, but it is time to start getting cautious again.
The medium-term trend is down as of March 21
The short-term trend is up as of April-20