Stocks continue with their sideways struggle, so I don't have anything insightful to offer regarding the current market trends.

Commodities and currencies aren't offering much that is new either. The influential currencies Euro, Yen, Dollar remain in the middle of the range. Energy and Industrial Metals are maintaining their strength.

Brazil is the big laggard and disappointment. The currency is weak, and, as usually is the case, that means the ETF of Brazil stocks is also weak.

Energy, most specifically oil, is the big leader, and the associated US Energy stocks continue to perform well.

Will this ETF break down? My guess is yes because the currency ETF is pointing decisively lower.

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(Click on image to enlarge)

The Oil Exploration ETF is breaking to new highs in sync with the commodity.

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(Click on image to enlarge)

Lakshman Achuthan of the ECRI is talking about the economy in this brief video. This is worth a listen, but basically he says that the US economy is experiencing a cycle downturn. He says that there are no signs yet of a recession, but that during a cycle downturn the economy is vulnerable if there is an unexpected shock. He is watching carefully for signs that indicate where the economy is headed next, up or down.

Outlook Summary:

• The long-term outlook is increasingly cautious. Reducing overall exposure to stocks on rallies.
• The medium-term trend is down.
• The short-term trend is down as of Apr-20 
• The medium-term trend for bonds is down as of Apr-19. The 10Y yield is back above its 50-day.

Investing Themes:

• Medical Products
• Cyber Security
• Payment Processors
• Military Defense

Strategy:

• Buy large cap stocks and ETFs on pullbacks of the medium-term trend.
• Buy small cap growth stocks on break outs to new highs during 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.