From the desk of Steve Strazza @Sstrazza

For the week ended Friday, May 22, 2020:

Every weekend we publish performance tables for a variety of different asset classes and categories along with commentary on each.

This week’s main theme is risk-on action from beaten-down areas which we'll highlight in our US Index and Factor ETF tables, below.

We're putting a lot of emphasis on risk-appetite measures right now in order to provide insight into how the recent rangebound activity in Equity and Bond markets is likely to resolve itself.

The most basic way to assess risk-tolerance is to compare the performance of risk-on vs risk-off assets. As such, this post will focus on how the offensive vs defensive areas of various markets are acting right now.

Click table to enlarge view.

This week we saw some more mean-reversion in the laggards in our US Index ETF table. The most risk-on areas such as Transports (DJT) and the Mid/Small/Micro-Cap segments have been long-term underperformers, yet...

From the desk of Tom Bruni @BruniCharting

Thanks to everyone who participated in this week's Mystery Chart, as always. Most saw that I was doing it this week and didn't even bother to try guessing, simply stating that they were buyers of this massive base breakout on any pullbacks.

This is the video recording of the May 2020 Conference Call.

From the desk of Steve Strazza @Sstrazza

For the week ended Friday, May 15, 2020:

Every weekend we publish performance tables for a variety of different asset classes and categories along with commentary on each.

This week's main theme is that the strong continue to get stronger and vice versa, which we'll highlight in our Industry and Sector ETF tables, below.

Notice how the top three performers this week also happen to be the only Industry ETFs that are positive over the trailing 3-month period?

Gold Miners (GDX), Biotech (IBB), and Internet (FDN) posting positive 3-month returns may not sound like much but is actually quite impressive as it means these areas have already taken out their highs from just before the broader market peaked and collapsed in February.

Click table to enlarge view.

Their strength stands in stark contrast to some of the more cyclical Industry ETFs such as Banks (KBE),...

From the desk of Steve Strazza @Sstrazza

For the week ended Friday, May 8, 2020:

Every weekend we publish performance tables for a variety of different asset classes and categories along with commentary on each.

Many of the relative trends in stocks that have been in place for a long time have come into question recently as they're showing signs of maturing due in part to the change in leadership we wrote about this week.

In this post, we'll highlight two structural intermarket themes that have remained robust throughout this tumultuous time for equity markets.

The first relative trend that hasn't slowed down at all is the relentless outperformance of the US over the rest of the world. Our first table shows the Wilshire 5000 (DWC) dominating every Global Index over just about every timeframe, from this week to the trailing year.

Click table to enlarge view.

The second theme is the continuance of...

JC recently posted some of the best charts from our US Chartbook, so I wanted to share those along with some of the best charts from our India Chartbook.

Let's take a look at what's going on in the major asset classes.

Let's start with Bonds. Here's the US 10-Year Note Futures printing their highest monthly close in history, clearly in an uptrend. The Bond market remains in an uptrend both in the US and most markets around the globe.

Click on chart to enlarge view. 

From the desk of Steve Strazza @Sstrazza

For the week ended Friday, May 1, 2020:

Every weekend we publish performance tables for a variety of different asset classes and categories along with commentary on each.

This week we're highlighting the underperformance from the US using our Global Index and International ETF tables.

Click table to enlarge view.

Despite the Wilshire 5000 (DWC) closing slightly higher on the week, all major Large-Cap averages in the US closed lower. While equities sold off across the board to end the week, the Eurozone still managed to book a nice gain with the German Dax (DAXX) and Stoxx 50 (STOXX) up 4-5% each in what was a short week for much of the region.

The Nikkei 225 (NI) and Shanghai Composite (SSEC) each closed almost 2% higher in what was also a short week for much of Asia.

Many International Markets were closed on Friday which skews the weekly performance data in their favor as they did not experience the selloff the US did to close out the week. We...

The best part about the end of the month is that there's always a fresh batch of Monthly Charts waiting for us. We only perform this exercise once the candlesticks are completed, which in this case was Thursday April 30th. It takes me about half an hour to get through them all, which represents roughly 6 hours of my entire year's work. I promise you from the bottom of my heart that there is no single part of my entire process that I find more helpful than this monthly chart review.

You see, this process forces us to take a step back, and gives us no choice but to identify the direction of the primary trends. We use these to put shorter-term trends into context. So no matter what your timeframe is, I think first identifying primary trends, and then working our way down from there, is a huge advantage over a blind bottoms/up approach.

Here are the things that stood out most during my review:

From the desk of Steve Strazza @Sstrazza

For the week ended Friday, April 24, 2020:

Every weekend we publish performance tables for a variety of different asset classes and categories along with commentary on each.

This week we want to highlight the continued divergence between Energy stocks and Oil using our Sector and Industry ETF and Commodity tables.

First, let's look at some of the longer-term leaders. Biotechs (IBB) just broke out to fresh multi-year highs and are one of the top performers on our Industry ETF list across all timeframes.

Aside from Gold Miners (GDX), they are the only industry on our expanded list of over 50 ETFs already back at fresh 52-week highs. Definitely some relative strength worth paying attention to in these areas.

Be sure to read our recent post on Gold Miners.

This week we saw a huge gain from not only the strongest Industry ETF over the trailing year (GDX) but also the weakest, as...

Throughout March we've been talking about weakness in the Rupee and the underlying trends driving it (March 3rd, 2020 and March 26, 2020).

Today we want to revisit the Rupee and talk about the pattern that's suggesting an explosive move is ahead.

From the desk of Steve Strazza @Sstrazza

Every weekend we publish performance tables for a variety of different asset classes and categories along with commentary on each.

As this is something we do internally on a daily basis, we believe sharing it with clients will add value and help them better understand our top-down approach. We use these tables to provide insight into both relative strength and market internals.

This week we want to highlight our US Equity Index and Industry tables as they illustrate an important resumption in leadership from the market's most resilient areas.

Click on table to enlarge view.

After some mean reversion last week, the trend in Nasdaq outperformance and small-cap underperformance reasserted itself this week as the Nasdaq 100 (QQQ) was up 7%...

From the desk of Steve Strazza @Sstrazza

Every weekend we publish simple performance tables for a variety of different asset classes and categories along with brief commentary on each.

As this is something we do internally on a daily basis, we believe sharing it with clients will add value and help them better understand our top-down approach. We use these tables to provide insight into both relative strength and market internals.

This week we want to highlight our US Equity Index and Sector tables, as they are both showing continued evidence to support some of the trends we've discussed recently.

Click on table to enlarge view.

Last week, we wrote a post about the importance of the Nasdaq 100 (QQQ) due to its long-term outperformance vs the rest of the US Equity Market. As seen in the table above this relative strength has continued over the trailing weeks and months as QQQ has outperformed the other US Indexes over every...