The Leader List

Leadership in the short-term is changing quite a bit day-to-day.

Investors are clearly concerned about valuations of leading Technology stocks. The money wants to flow into other sectors, but the other sectors all have their own problems. As a result, they look like they are breaking out, but then stall.

Today's strength was in Industrials, Utilities, REITs.

Today's weakness was Consumer, Retail, Emerging Markets.

Here is a very nice looking chart of the Industrials.

I have a small position in this group, but I am not yet a real believer. But the bottom two panels of this chart look positive.

Materials didn't follow through this week, but this chart is hanging in there.

Dividends, looking good.

Outlook

The market is struggling to hold on here, but so far there is just enough strength to keep prices near the highs.

The long-term outlook is positive.
The medium-term trend is up. Overdue for a correction.
The short-term trend is up as May-24. Looking for signs that the next downturn is starting.