July 2:  The second half of June was strong...up about 3%.

Oils topped our list of winners, gaining about 8% in this 10 day span.  Volatile stocks in general were strong.  Stocks trading well over their most prominent resistance levels continued to prosper. 

On the losing side, "free agents" dropped a tad...down .2%.  Stocks with particularly weak volume in the preceding weeks were flat.  Non-volatiles failed to make inroads.

The above trends don't match up particularly strongly with any historical Jun h2's in our tables.  2004 is a weak example...July h1 2004, for what it's worth, was quite weak, with major losses (15%) in volatile stocks, and few opportunities for a profit on the long side of the market.

July 1:  We've got our data for the second quarter...our own take on the market has it down 5.5%.

Only a handful of groups gained over the quarter.  The list is led by utilities, gaining a bit better than 3%.  Transportation-related stocks also fared well.  Non-volatiles and dividend-payers held up well.

Losers were topped by stocks with high or negative p/e ratios...down 15%.  Biotechs, which often fall nicely into that category, just trailed.  Computer peripherals were weak as well.  Stocks with large yearlong gains reversed.  Stocks that were strong in the second quarter of 2005 were quite weak this time around, though stocks with a longer term tendency for Q2 weakness stayed true to form.  Volatile stocks in general slumped.

The recent Q2 compares fairly well with Q2 2004.  For what it's worth, Q3 2004 continued to drop about 4%, with mild gains to be found in non-volatiles.

***********

We've got our data for June.  Despite the one day swings we experienced during the month, the end result was about a .5% loss in the general market, by our take.

The best you could have done was to load up on REIT's...up about 4.4%.  Small caps were just behind.  Dividend payers fared well.  Stocks that were weak in the last few days of May turned around in June. 

On the negative side, stocks with a history of losses in June continued to lose...down 4.1%.  Those with strong May finishes reversed.  Semiconductors were weak, as were volatile stocks in general.  On a risk-adjusted basis, stocks with heavy institutional ownership were quite weak.

Looking for historical Junes that match up with the current one, June 2002 offers some weak similarities.  For what it's worth, July 2002 was strongly negative, with late June winners getting slaughtered (down about 11%).

June 30:  The Dow lost .4%, Nasdaq .1%.  Our own take on the market had it UP .7%.  This discrepancy is so unusual that we opened up our underlying data file and checked for possible errors, but we found none.  Remember that our analysis of the market is non-weighted....the movements of a small bank in Nebraska are as important as IBM's, as far as our analysis goes.  Separation between groups was 3.5%.

Gainers were led by volatiles...up 2.9%.  Stocks whose short term averages are well below their longer term averages gained nicely.  Yearlong losers popped.  Yesterday's gainers continued to gain.  Cheap stocks fared well.

Nothing of great significance emerged on the losing side.  Non-volatiles were weak.  While big yearlong losers gained nicely, stocks with more moderate yearlong losses were flat.  Banks failed to keep up with the market.

The above trends are positive for the next session. 

June 29:  The Dow gained 2%, Nasdaq 3%.  Separation between groups was 3.8%.

Stocks with large losses over the last month reversed in very nice fashion today...up 5%.  Volatile stocks, of course, were strong.  Monday's big gainers, and Tuesday's big losers fared well.  No industry groups were represented in our winning tables.

No groups actually lost money today.  The worst of the lot were non-volatiles, gaining as little as 1.2%.  Free agents lagged the market...look for them to outperform tomorrow.  Utilities were weak.  Stocks with unusually strong volume this weak underperformed. 

The above trends are positive for the next session.

June 28:  Both the Dow and Nasdaq gained .5%.  Separation between groups was a mere 1.5%.

Stocks whose behaviors are tied strongly to the behaviors of other stocks led the way today...up 1%.  Since oils fit this description nicely, they followed.   Stocks that were weak this time last year were strong.  An unusual number of fundamental indicators are to be seen in our list of best performers...perhaps the markets are paying a bit of extra attention to fundamentals as the first half of the year closes.

Stocks trading well below their prime resistance levels were weakest today...down .6%.  Semiconductors underperformed. 

The above trends give little indication as to the direction of the next session.  The gains in the general market are positive in and of themselves, but we'd like to see semiconductors and other volatile groups outperform, not underperform.

June 27:  The Dow lost 1.1%, Nasdaq 1.6%.  Separation between groups was 2.5%.

We didn't identify any groups that actually made money today.  Utilities were the strongest group, down a mere .3%.  Non-volatiles fared well.  "Free agents" avoided large losses.  REIT's were relatively strong.  Expensive stocks and last Wednesday's losers top out our list of out-performers.

The worst stocks were those that performed weakly in this time slot last year...down 2.8%.  Volatile stocks, naturally, were hit hard.  Stocks with large 1 or 3 month losses continued to get hurt.  Stocks with a strong tendency to gain in the afterhours were burnt.

The above trends are negative for the next session.

June 26:  The Dow gained .5%, Nasdaq .6%.  Separation between groups was 1.8%.

As the end of the month and quarter approaches, stocks with low institutional holdings in proportion to their capitalizations led the way...up 1.9%.  Banks were strong.  Small-caps outperformed.  Stocks with weak volume last week fared well. 

We didn't identify any groups that actually lost money.  Computer hardware stocks were weak...up as little as .1%.  Stocks with high institutional holdings when weighed against market capitalization underperformed.  Large caps lagged, but "free agents" did as well. 

The above trends are slightly positive for the next session.

June 23:  The Dow lost .3%, Nasdaq .1%.  Separation between groups was 4.2%.

Gains were strongly focused on oils today...the group gained 3.2%.  The second best group gained a mere 1.6%.  Volatile stocks were generally strong.  Biotechs fared well. 

On the losing side, banks lost 1%.  Despite the generally positive atmosphere for volatiles, semiconductors dropped.  Small caps were generally weak.

The above trends are slightly positive for the next session.

June 22:  The Dow lost .5%, Nasdaq .8%.  Separation between groups was 1.8%.

"Free agents" led the way today...up .3%.  Stocks with large yearlong losses fared well, but stocks with large yearlong gains also outperformed the market.  3 month winners were strong. 

3 month losers were weak...down 1.6%.  Cheap stocks were punished.  Stocks that were weak at this time last year were weak yet again.

The above trends are slightly negative for the next session, bearing in mind that Friday has the highest chance of reversing the previous day's trends.

June 21:  The Dow gained 1%, Nasdaq 1.6%.  Separation between groups was 2.7%.

Stocks with big gains last Thursday led the way today...up 3%.  In fact, last Thursday's patterns largely repeated...stocks with large yearlong gains, or a strong tendency to gain in the afterhours fared well.  Friday's and Monday's losers were strong.  Volatiles fared well.

We didn't identify any groups that actually lost money.  The weakest stocks were the least volatile, gaining as little as .3%.  The smallest of small caps failed to keep up with the market.  "Free agents" were weak...look for them to outperform tomorrow.  No industry groups were to be found in our tables of poorly performing groups.

The above trends are positive for the next session.

June 20:  The Dow gained .3%, Nasdaq lost .2%.  Our own broad sampling of the market had it down .3%.  Separation between groups was a mere 1.8%.

Stocks with large yearlong gains led the way today...up .3%.  Stocks on either extreme of the volatility spectrum outperformed.  Stocks with a history of losses in this time slot reversed.

On the losing side, stocks with large three month losses dropped as much as 1.5%.  Oils fell.  Small caps were generally weak, as one might surmise from the Dow/Nasdaq split.  Yesterday's losers continued to lose.

The above trends are neutral for tomorrow's session.

June 19:  The Dow lost .7%, Nasdaq .9%.  Our own take on the market had it down 1.5%...small caps were again weak.  Separation between groups was 3%.

The strongest stocks were simply the least volatile...down as little as .4%.  "Free agents" fared well.  Stocks trading well over their 100 day moving averages outperformed.

On the losing side, last Wednesday's big winners were hurt quite badly...down 3.4%.  Stocks with a strong tendency to gain in the afterhours suffered disproportionately.  Oils fell.  Stocks with large losses over the last 1 to 3 month continued to lose.

The above trends are negative for the next session.

June 16:  The Dow was flat, while Nasdaq lost .7%.  Our own take on the market had it down .9%...small caps were weak.  Separation between groups was 2.3%.

We identified one group that made a tad of money today...stocks that have performed poorly over the last week or so.  "Free agents" managed to avoid losses.  Utilities held up well.  Non-volatiles were relatively strong.

On the losing side, semiconductors dropped 2.3%.  Yesterday's big gainers reversed.  Stocks that were strong this time last year showed weakness this time.

The above trends are negative for the next session.

*************

We have our data for the first half of the month.  The data doesn't include yesterday's very positive session.  Our own take on the market had it down 5.2%.

We didn't identify any groups that actually made money over the period, though REIT's nearly broke even...down .3%.  Not surprisingly in such a negative environment, non-volatiles fared well.  Banks and utilities held up well.

We saw some big losses in various groups over the period.  The worst of the lot were big yearlong winners, dropping as much as 11.7%.  Volatile stocks were hurt.  Stocks with a tendency to gain in the afterhours were slaughtered in the regular sessions.  No industries were included in our list of losing groups...any particularly negative moves in industries were secondary to the yearlong performances or volatilities of these industry groups.  We should point out, however, that oils were our weakest group after risk-adjustment.

The above two weeks don't match up particularly well with any historical June h1's.  The best match would probably be June h1 1996.  For what it's worth, June h2 1996 showed moderate losses, with continuations (as opposed to reversals) of June h1's trends.

June 15:  The Dow gained 1.8%, Nasdaq 2.8%.  Our own take on the market had it up 3%.  Separation between groups was 4.8%.

We saw some very nice gains in specific groups today.  Stocks with high recent volatility led the way, gaining as much as 5.7%.  Stocks that have been hit hard over the last month or year reversed.  Stocks with a strong tendency to gain in the afterhours sessions fared well.  No industry groups were included amongst our strongest gainers.

We didn't identify any groups that actually lost money today.  The weakest groups were loaded with non-volatile stocks...up as little as .9%.  "Free agents" failed to keep up with the market...perhaps they'll do some catching up in the next session.  Again, no industry groups appear in the mix.

The above trends are positive for the next session.

June 14:  The Dow gained 1%, Nasdaq .6%.  Our own take on the market showed a more sedate .3%.  Separation between groups was 2.8%.

Oils led the way today...up 1.9%.  We saw some reversals of recent trends...recent losers gained, as well as yearlong winners (which have been taking a beating for the last few weeks). 

On the losing side, stocks with a strong recent tendency to lose in the afterhours lost during today's regular session...down 1%.  Small caps were weak.  Banks, which have had a nice run of late, lost.  Non-volatiles were weak

The above trends are positive for the next session.

June 13:  The Dow lost .8%, Nasdaq .9%.  Separation between groups was 3.4%.

We didn't identify any groups that actually made money today.  Stocks that have strongly outperformed over the the last week lost as little as .3%.  Banks were strong yet again.  Naturally, non-volatiles outperformed. 

Big losers were led by stocks with large losses over the last month...down as much as 3.8%.  Oils lost about 3.2%.  Volatiles lost in excess of the market.  Yearlong losers continued underperforming.

The above trends are negative for the next session.

June 12:  The Dow lost .9%, Nasdaq 2%.  Separation between groups was 4%.

We didn't identify any groups that actually made money today.  The best group was simply the least volatile...down .4%.  Utilities and banks held up well.

Yearlong winners continued to give up their gains, losing a whopping 4.5%.  Monthlong losers were battered as well.  Given the very strong, continued focus on yearlong winners of late, it shouldn't be any surprise to see last week's losers included on the list as well. 

The above trends are negative for the next session.

June 9:  The Dow lost .4%, Nasdaq .5%.  Separation between groups was 2.2%.

Stocks with a large high-low differential on Thursday led winners today...up .4%.  REIT's and utilities were again strong.  Stocks that were weak at this time last year were strong today.

On the negative side, nothing of great significance emerged.  Yearlong winners were again weak, losing as much as 1.7%.  One month losers underperformed.  The market did not seem to focus strongly on any particular industry.

The above trends are neutral for the next session...the first time we've been able to say that for a while.

June 8:  The Dow gained .1%, Nasdaq lost .3%.   Separation between groups was 2.9%.

Banks were strong yet again...up 1.4%.  Utilities also fared well.  Given the preceding, it's not surprising that dividend payers were strong in general.  Non-volatiles outperformed.

On the negative side, yearlong gainers were burned again...down 1.5%.  Semiconductors were weak.  Volatile stocks generally underperformed.

Bearing in mind that Friday is a day on which trends are often broken, the above patterns would suggest continued negativity in the next market session.

June 7:  The Dow lost .6%, Nasdaq .5%.  Separation between groups was 3.5%.

Banks and REIT's were strong yet again...up .6%.  Biotechs outperformed.  Small caps fared well.  Non-volatiles finished on the positive side of the market.

On the losing side, losses were strongly focused on oils...down 3%.  Not surprisingly, then, yearlong gainers were weak as well.

The above trends are slightly negative for the next session.

June 6:  The Dow lost .4%, Nasdaq .3%.  Separation between groups was 1.9%.

Nothing of great significance emerged on the positive side of our tables.  Lightly shorted stocks were relatively strong...up .3%.  Banks held up well.  Software and networking stocks broke even, surprisingly.  Non-volatiles were flat.

On the losing side, stocks trading well below long term averages were hurt...down as much as 1.4%.  Free agents were weak.  Volatile stocks lost in excess of the market. 

The above trends are negative for the next session, though the strength in some tech stocks is cause for optimism.

June 5:  The Dow lost 1.8%, Nasdaq 2.2%.  Separation between groups was 3.4%.

We didn't identify any groups that actually made money today.  REIT's were the best of the lot...down .5%.  Non-volatiles held up well.  "Free agents" were relatively strong...it'll be interesting to see if they underperform tomorrow.  Stocks with good strength last Tuesday outperformed. 

Conversely, last Tuesday's big losers were weakest...down as much as 4%.  Stocks with nice gains last week also had large losses.  Stocks trading well above their prominent resistance levels faltered. 

The above trends are negative, but not horribly so...volatiles weren't picked on to the extent that one might expect in this sort of environment.

June 2:  The Dow lost .1%, while Nasdaq was flat.  Our own take on the market had it up .2%.  Separation between groups was 2.8%.

Our biggest gainers today were "free agents"...stocks whose trading patterns show little dependence on the patterns of other stocks...up 2%.  Volatile stocks were strong.  Smallcaps outperformed.  3 month losers were also included in the mix.

On the losing side, nothing of great significance emerged.  Retails were weak...down .8%.  Stocks that have a way of leading the market up or down (a high "leadership" value) were weak.  Software stocks underperformed.  Those with particularly weak volume yesterday were weak as well.

The above trends are positive for the next session.

June 1:  The Dow gained .8%, Nasdaq 1.9%.  Separation between groups was 2.5%.

Stocks with a weak recent tendency to finish near their highs topped our list of gainers today...up 3.1%.  Recent losers reversed, particularly those with weak performances yesterday.  Semiconductors were strong.

No groups actually lost money today.  Non-volatiles lagged, gaining as little as .6%.  "Free agents" failed to participate in the gains...perhaps they'll catch up tomorrow.  Stocks with good strength over the last few weeks failed to impress.

The above trends are positive for the next session.

*****************

We have our data for May.  Our own take on the general market had it down about 4.6%.

We didn't identify any groups that avoided losses entirely.  The best group was composed of utilities, which lost .4%.  Non-volatiles held up well, which is to be expected in such a negative environment. 

The losing side was where the action was.  Stocks with strong performances over the last three months were the worst group in May...down as much as 10.7%.  Stocks with large yearlong gains were quite weak as well.  Stocks with strong performances in this time slot last year reversed.  Fundamentally weak equities were hit in excess of the general market.  Semiconductors were weak. 

May 2000 matches up with May 2006 fairly well in terms of market patterns.  For what it's worth, June 2000 was quite a strong month.  Here, yearlong winners and volatiles resumed their winning ways.  Biotechs and semiconductors gained nicely.  On the opposite end of the market, large caps underperformed, and yearlong losers continued losing.

May 31:  Both the Dow and Nasdaq gained .7%.  Separation between groups was 2.1%.

Winners were led by oils...up 2.3%.  Last Thursday's big losers reversed.  Yearlong winners were strong.

We didn't identify any groups that actually lost money.  REIT's were weakest, gaining only .3%.  Last Friday's big losers lost again.  Stocks with particularly weak volume on Tuesday couldn't keep pace with the market.

The above trends are positive for the next session.

May 30:  The Dow lost 1.6%, Nasdaq 2.1%.  Separation between groups was 2.6%.

We didn't identify any groups that avoided losses.  "Free agents" topped the list of best performers...down .7%.   Non-volatiles and utilities hung in well.  The smallest of small caps outperformed.

Stocks trading well over their most prominent resistance levels topped our list of losers...down as much as 3.4%.  Last Thursday's and Friday's big gainers reversed.  Yearlong gainers were burned.  Volatiles lost in excess of the general market.   No industry groups were included in our list of losing groups.

The above trends are negative for the next session.

May 26:  Both the Dow and Nasdaq gained .6%.  Separation between groups was 2.4%.

Biotechs were strongest today...up 2.1%.  Stocks with a strong tendency to gain in the afterhours fared well.  Cheap stocks outperformed.  The tendency toward gains in volatile stocks continued. 

Only a few groups actually lost money, with no trends of significance to speak of.  The smallest of small caps were weak.  Banks were flat.  Non-volatiles did not partake in the positivity. 

Earlier this month we saw yearlong gainers get pounded day after day.  Now we're seeing continued gains in the most volatile of stocks.  There definitely does seem to be an emphasis on a "momentum" style of investing.

The above trends are positive for the next session.

May 25:  The Dow gained .8%, Nasdaq 1.3%.  Separation between groups was 3.8%.

Stocks with high recent volatility gained nicely...up 4.1%.  Stocks with large monthlong losses reversed...up as much as 3.6%.  Yearlong gainers were strong as well.  Stocks with strong tendencies to gain in the afterhours, or to close off their highs, outperformed.  Oils were strong.

No groups actually lost money.  The weakest of the lot were stocks with low recent volatility...up .3%.  "Free agents" underperformed...it seems no one is interested in "special situations" when big profits are to be made by simply riding the wave.  Retails lagged.

The above trends are positive for the next session, though one should note that Friday does have a way of reversing Thursday's trends.

May 24:  The Dow gained .2%, Nasdaq .5%.  Separation between groups was 2.6%.

Nothing of great significance emerged on the positive side of our tables today.  Stocks with nice gains on Monday led the way...up 1.1%.  Biotechs fared well...up 1%.  Banks were also strong.  Yearlong losers outperformed. 

On the negative side, the trend toward losses in stocks with large yearlong gains continued...the group was down as much as 1.5%.  Oils lost 1.2%.  Yesterday's winners reversed.

The above trends are neutral as indicators for the next session.

May 23:  The Dow dropped .2%, Nasdaq .6%.  Separation between groups was 2.8%. 

Stocks with large yearlong gains performed best today...up 1.1%.  Despite the negativity, there were some bounces...stocks with particularly poor showings over the last week gained as much as 1%.  Yesterday's losers were particularly strong.

On the negative side, Friday's and Monday's big winners reversed, losing as much as 1.6%. 

The above trends are negative for the next session, but not horribly so...the absence of volatile stocks in the losing column, and the tendency toward reversals are cause for optimism.

********************

We have our [belated] data for the first half of May.  By our reckoning, the market lost about 2.9% in this period.

Only a few groups of stocks gained over this period.  Metals and mining stocks topped the list, with gains around .1%.  Transportation-related stocks fared well.  Non-volatiles had minor losses.   Expensive stocks were strong.

On the negative side, stocks with negative p/e ratios lost as much as 8%.  Volatiles, cheap stocks, and yearlong and monthlong losers lost significantly.  Stocks that fared well at this time last year reversed.

The above trends are atypical for early May, and don't match up well with any historic examples of May h1 behavior. 

May 22:  We're back!  We've got a bit of catching up to do, but we'll start by looking at today's market session.  The Down lost .2%, while Nasdaq dropped 1%.  Separation between groups was 3.5%.

Despite the negativity, a few groups actually walked away with gains.  Those with a high "vtotal" statistic topped the list...up .5%.  Utilities and banks finished with gains.  Non-volatiles managed to stay above water, though just barely.

On the losing side, stocks with large yearlong gains dropped a full 3%.  Stocks with large losses over the last month or so, however, were also weak.  Semiconductors were hurt.  Volatiles were picked on.

The above trends are negative for the next session.

Note:  Your webmaster will be on vacation from May 7-22.  Over this period, we won't be updating any of our pages, though we will respond to e-mail.

May 4:  The Dow gained .3%, Nasdaq .9%.  Separation between groups was 2%.

Semiconductors built on yesterday's gains...up 1.9%.  Stocks trading well over their prominent resistance levels were strong.  Stocks that performed well in this time slot last year continued upwards.

On the weak side, only a few groups actually lost money.  Heavily shorted stocks lost about .1%.  Stocks with large losses over the last three months were weak.  Despite the gains in Nasdaq, smallest of small caps actually underperformed.

The above trends are positive for the next session.

May 3:  The Dow lost .1%, Nasdaq .2%.  Our own take on the market had it up about .1%.  Separation between groups was 2.8%.

Semiconductors topped our list of winners for the first time in a while...up 1.7%.  Volatile stocks generally fared well.  Stocks trading well above their most prominent resistance level outperformed.

On the negative side, nothing of great significance emerged.  Yesterday's big losers tended to reverse.  Oils and metals and mining stocks were weak.  Stocks with negative p/e ratios underperformed.

The above trends are positive for the next session.

May 2:  The Dow gained .6%, Nasdaq .2%.  Separation between groups was 3.2%.

Winners were led by oils again...up 2.2%.  At a distant second place, we had stocks that have strongly outperformed their best "trading partner" over the last 20 days.  Banks and metals and mining issues were strong.  Yearlong winners outperformed.

On the negative side, biotechs lost 1%.  Fundamentally weak stocks were hurt.  REIT's dropped.  Cheap stocks and volatile issues underperformed.

The above trends are slightly negative for the next session.

May 1:  The Dow lost .2%, Nasdaq .8%.  Separation between groups was 2.8%.

Oils topped our list of gainers today...up .9%.  As is often the case, metals and mining issues weren't far behind the oils.  Stocks with big gains over the last 3 months to 1 year fared well.  Stocks with a weak tendency to close near their daily highs outperformed.

On the negative side, financial services and insurance companies were weak...down 1.9%.  Yearlong losers fared poorly.  Volatiles and small caps underperformed.

The above trends are negative for the next session.

Apr 29:  We've got our data for the month of April.  Our own take on the general market had it down just a tad...about .3%.

Winners were led by oils....up around 4%.  The gains were not spectacular from the point of view of statistics (i.e. one might expect that one of our groups would have a gain of 4% by pure chance). 

Losses were focused, however.  Biotechs led losers...down 8%.  Stocks that came into the month with strong short-term momentum reversed.  Volatile stocks, fundamentally unsound stocks, and cheap stocks were all weak...there seems to be some risk-aversion in the atmosphere.  REIT's were weak on a risk-adjusted basis.

The period resembles April 2005 to a good extent.  For what it's worth, May of 2005 was quite positive, with nice gains in volatiles, cheap stocks, and longterm losers.

**************

The second half of the month was positive...up about 1.7% by our reckoning.

Winners were actually led by a number of dowdy manufacturing operations...up as much as 4%.  Stocks with large profit margins, those with large dividends, oils, and metals and mining interests, all gained nicely. 

On the losing side, stocks with negative p/e ratios lost about 2.2%.  Semiconductors were weak.  Cheap stocks suffered.

We really don't see this pattern of market leading gains on the part of manufacturing stocks, against a background of a winning market, in historical April h2 data, so we'll refrain from attempting to deduce what will follow in May based on this data.

Apr 28:  The Dow lost .1%, Nasdaq .9%.  Separation between groups was 2.4%.

Metals and mining stocks were strongest today...up 1.2%.  Otherwise, nothing of significance emerged on the positive side of our tables. 

On the negative side, cheap stocks were weakest...down 1.2%, reversing the market-leading gains of yesterday.  Semiconductors suffered.  Wednesday's winners reversed.  Stocks with weak fundamentals underperformed.

The above trends are slightly negative for the next session, bearing in mind that the beginning of a month is normally a positive time for the market.

Apr 27:  The Dow gained .3%, Nasdaq .5%.  Our own take on the market had it down .1%!  Separation between groups was 2.7%.

Nothing of great significance emerged on the positive side.  Cheap stocks fared well...up as much as 1.1%.  Utilities and dividend-payers in general gained in excess of the market.  Yearlong losers outperformed.

On the losing side, volatiles were actually weak...down as much as 1.7%.  Metals and mining stocks suffered, as well as transportation-related issues.  Yearlong gainers reversed.  Stocks that performed poorly in this time slot last year continued this behavior.

The above trends are slightly negative for the next session. 

Apr 26:  The Dow gained .6%, Nasdaq .1%.  Separation between groups was 2.4%.

Winners were led by stocks with negative p/e ratios...up 1.1%.  Volatile stocks were strong.  Stocks with large losses over the last year were strong.

On the losing side, losses were strongly focused on oils...down 1.3%.   Stocks with large gains over the last month reversed.  Stocks that trade well above their best "trading partner" reversed.

The above trends are positive for the next session.

Apr 25:  The Dow lost .5%, Nasdaq .1%.  Separation between groups was 2.8%.

Semiconductors led the way today...up .9%.  Stocks with heavy institutional ownership fared well.  Small caps and cheap stocks outperformed. 

On the losing side, biotechs dropped 2.1%, though the losses were primarily due to a couple of stocks that had particularly disappointing trial results.  Stocks whose gains have largely come in the afterhours over the the last few weeks lost.

The above trends are positive for the next session. 

Apr 24:  The Dow lost .1%, Nasdaq .4%.  Separation between groups was 1.8%.

Stocks trading well over their dominant resistance levels fared best...up .3%.  Dividend payers finished in positive territory.  Transportation-related stocks gained.  Large caps outperformed.

On the weak side, oils lost 1.6%.  Cheap stocks underperformed.  Banks lost.

The above trends are slightly negative for the next session.

Apr 21:  The Dow was flat, while Nasdaq lost .8%.  Separation between groups was a big 3.7%, led by a couple of industries.

Oils led winners...up 1.4%.  Metals and mining stocks gained nicely.  Expensive stocks fared well.  Stocks with a history of gains in this time slot outperformed.

Semiconductors were weakest...down 2.2%.  Stocks with a history of weakness in this time slot continued their losing ways.  Stocks with recent losses continued to lose.

The above trends are negative for the next session.

Apr 20:  The Dow gained .6%, Nasdaq lost .3%.  Separation between groups was 2.7%.

Retails led the way today...up .9%, bouncing back from weakness yesterday.  Stocks with recent weakness reversed.

On the losing side, stocks that significantly outperformed their best trading partners in the last session reversed...down 1.9%.  The move was quite significant.  Stocks trading well over their predominant resistance levels were weak, as well as those with large monthlong gains.  Metals and mining stocks underperformed.

The above trends are neutral for the next session.

Apr 19:  The Dow gained .2%, Nasdaq .6%.  Separation between groups was 2.3%.

Stocks trading well over their long term resistance levels led the way...up 2.3%.  Cheap stocks were strong.  Volatiles gained nicely.  Oils gained again.

On the weak side, non-volatiles were flat.  Stocks that were weak at this time last year were weak again.  Stocks with particularly strong volume yesterday underperformed.

The above trends are positive for the next session.

Apr 18:  The Dow gained 1.8%, Nasdaq 1.9%.  Separation between groups was 2.4%...stocks moved as a mass, without any groups being left behind to any great extent.

Stocks with large gains last Friday topped our list of gainers...up 3.3%.  The gains were not particularly significant in a statistical sense.  Yesterday's losers bounced back.  Oils were strong.  Interestingly, volatile stocks did not appear in the winning column today.

No groups actually lost money.  Software stocks languished, gaining about 1%.  "Free agents" failed to keep pace with the market.  Cheap stocks, non volatiles, and small caps were all rather weak.

The above trends are positive for the next session, though not wildly so...we'd like to see volatiles get involved in the action.

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We've got our data for the first half of April.  Our own take on the market had it down 2.3%.

Oils were strongest...up 2.2%.  Stocks with large losses on the last day of March fared well.  Metals and mining stocks were strong.  Stocks with a history of losses over the period reversed.  Expensive stocks avoided losses.

Biotechs got hurt...down 7%.  REIT's lost 6%...not surprisingly, then, stocks with big dividends were also weak.  Stocks that were strong on the last day of March suffered.   Volatile stocks underperformed.

April h1 2004 matches up fairly well with the above patterns.  For what it's worth, April h2 2004 was a losing period.  Biotechs managed to stay above water, but semiconductors were weak.  Stocks with large losses in the middle of the month continued to lose.

Apr 17:  Both the Dow and Nasdaq lost .6%.  Separation between groups was 2.7%.

Oils led the way today...up 1.4%.   Metals and mining stocks fared well.  Expensive stocks managed to gain as much as .4%.  Stocks with nice gains over the last month continued upward.

Losers were led by semiconductors...down 1.4%.  Stocks with large losses over the last month to year were weak.  Cheap stocks suffered. 

The above trends are negative for the next session.

Apr 13:  The Dow gained .1%, Nasdaq .5%.  Separation between groups was 2.3%.

Tuesday's big losers composed our strongest group today...up 1.5%.  Recent losers in general were strong.  Volatiles performed well.  Cheap stocks outperformed.  Once again, we see no industry groups on our list of top performing groups.

Losses were strongly focused on REIT's...down .8%.  Stocks with a strong tendency to move as a pack (a high "corr" value) lost.  Utilities were weak.  Stocks that lost at this time last year repeated.  Non-volatiles actually lost money on a day when the general market showed gains.

The above trends are positive for the next session.

Apr 12:  The Dow gained .4%, Nasdaq .2%.  Separation between groups was 2.6%.

Stocks trading well over their 20 day averages topped our list of winners, continuing yesterday's trend toward strength in the group...up 2.1%.  Recent losers were strong.  Despite the tendency for gains in losing groups, stocks that trade well over their prime resistance levels were also strong.  Volatile stocks outperformed.

Stocks with strong recent gains were weak...down as much as .5%.  Non-volatiles were negative or flat.

No industry groups appeared in our tables today...the market is being driven by other forces.

The above trends are positive for the next session.

Apr 11:  The Dow lost .5%, Nasdaq 1.0%.  Our own take on the market had it down 1.3%.  Separation between groups was 2.6%.

We didn't identify any groups that actually gained today.  Non-volatiles were strongest...down as little as .5%.  REIT's managed to hold up well.  Large caps avoided large losses.

Losers were led by volatiles...down as much as 3.1%.  Cheap stocks were hurt.  Stocks with large gains over the last month reversed.  No industry groups were included on the losing side of our tables.

The above trends are negative for the next session.

Apr 10:  The Dow gained .2%, Nasdaq lost .2%.  Separation between groups was 3.4%, with a couple of industries leading winners and losers.

On the positive side, oils were strong:  up 1.7%.  Banks were strong as well.

Losers were led by semiconductors...down 1.6%.  Cheap stocks were weak.  Stocks with large 3 month gains were hurt.  Volatile stocks lost.

The above trends are negative for the next session.

Apr 7:  Both the Dow and Nasdaq lost .9%.  Separation between groups was 2.1%.

Construction services and a number of other "heavy" industries were relatively strong today...up .3%.   The trend was not statistically significant, however.  Yearlong to three month losers held up well.  The most volatile stocks actually finished with slight gains...an unusual result.

On the losing side, stocks trading well above their three month averages were weakest...down 1.9%.  Yearlong winners were also weak.  Stocks with a history of losses in this time slot continued to lose.

The above trends are mixed for the next session...the general losses are a negative sign, but the strength in volatiles and long-term losers show a willingness to take risks that isn't normally seen in a bearish environment.

Apr 6:  The Dow lost .2%, Nasdaq gained .1%.  Separation between groups was 2.5%.

Semiconductors led winners today...up .9%.  Yesterday's winners continued upward.  Volatile stocks fared well.

Biotechs were, by far, the weakest group:  down 1.5%.  Utilities suffered. 

The above trends are slightly positive for the next session.

Apr 5:  The Dow gained .3%, Nasdaq .6%.  Separation between groups was 2%.

Stocks trading well over their 20 day averages led the way today...up 1.5%.  Semiconductors were right behind.  Monday's big gainers continued upward.  Stocks with a strong tendency to mirror the motions of other stocks (a high "corr" value) fared well. 

Nothing of great significance emerged on the negative side.  Midcaps were weak...down as much as .5%.  Biotechs lagged.  Banks lost money.  Free agents (a low "corr" value) did not impress.

The above trends are positive for the next session.

Apr 4:  The Dow gained .5%, Nasdaq .4%.  Separation between groups was 1.9%.

Transportation-related stocks were strong today...up 1%.  Metals and mining stocks were strong as well.  Expensive stocks fared well.  Volatile stocks outperformed.

On the negative side, computer peripherals were weak...down .9%.  Cheap stocks and small caps lost money.  REIT's underperformed.  Stocks with a history of weakness in this time slot continued their losing ways.

The above trends are slightly positive for the next session.

Apr 3:  The Dow gained .3%, Nasdaq lost .1%.  Our own take on the market had it down .7%...small caps were weak.  Separation between groups was 3.5%.

Stocks with a weak recent tendency to finish near their daily highs topped our list of gainers today...up .7%.  Utilities and metals and mining stocks were strong.  Expensive stocks and large caps outperformed.  Last Friday's big losers reversed.

Stocks with a very high quick ratio had significant losses...as much as 2.8%...a rather odd result.  Stocks with low profit margins were weak as well.  Biotechs were hurt...two stocks in particular, with losses of 50%, slanted the results.  REIT's were weak.  Friday's big winners reversed.

The above trends are negative for the next session.

Mar 31:   We've got our data for the second half of March.  The general market gained about 2% over this period.

The general trends over the period were quite similar to those for the month.  Cheap stocks led the way...up 7%.  Risky stocks fared well.  Small caps were strong.  Stocks that came into the month with large 3 month gains continued to gain.  Free agents fared well.

On the losing side, dividend payers dropped 1%.  Stocks we list as the least risky actually dropped a tad in value.  Utilities and REIT's underperformed.

The above trends match up decently with Mar h2 2002.  For what it's worth, the first half of April 2002 was flat.  Nice gains were available in several normally dowdy industries (e.g. retails gained 7%).  Yearlong losers were hurt.

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We've got our data for March.  Our own take on the market had it up 3.3%.

Monthlong trends pretty much mirrored first quarter trends (below).  On the winning side, risky stocks gained better than 11%.  Cheap stocks were up 10%.  Volatile stocks fared well.  Stocks trading well above their 100 day moving averages continued upward.  Semiconductors fared well.

Only two groups walked away with losses...utilities dropped about 1%, while health care stocks fell about .5%.  Biotechs were weak.  Large caps, dividend-payers, and non-volatiles round out the list.

The above trends are fairly typical for March (gains in cheap stocks and volatiles, weakness in biotechs), so one would expect April to unfold in standard fashion.

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We've got our data for the first quarter of the year.  We have the general market up about 11%.

Winners were led by the "riskiest" of stocks...up 28%, followed very closely by cheap stocks (also 28%).  Volatile stocks were strong in general.  Electronic instruments and scientific products were strong.  Stocks with a recent history of weakness in this time slot reversed...bear in mind that last year's first quarter produced some rather anomalous  performances. .  Metals and mining stocks gained nicely.  REIT's fared well after risk-adjustment. 

We didn't identify any groups that actually lost money.  Banks were weak...up 3%.  Utilities were unimpressive.  Large caps and non-volatiles underperformed. 

The above trends are quite typical of first quarters in general.  As such, one would tend to expect the second quarter to evolve in typical fashion as well.

*************

The Dow lost .4%, while the Nasdaq was flat.  Separation between groups was 2.3%.

Small caps led the way, gaining as much as 1.6%.  Cheap stocks fared well.  Recent losers reversed.  Volatile stocks were strong in general.  It's interesting to note that no industry groups were included in our "top gainers" column...other forces were at work today.

On the losing side, large caps were weakest....down .7%.  Oils suffered.  Expensive stocks lost money.

The small-cap/large-cap dichotomy was quite pronounced today...not only did the highest decile (the 10th) of capitalization produce our biggest losers, but the 9th and 8th deciles were included as losers as well.

The above trends are positive for the next session.

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