June 30:   We've got our data for the second quarter of 2007.  Our own take on the market had it up 3.6%.

Industries dominated the big gainers and losers.  On the positive side, metals and mining stocks were up about 11%, with oils following closely.  Transportation related stocks fared well.  Makers of scientific instruments outperformed.  Stocks with strong performances in the previous 3 years continued to gain nicely.  Those with big gains in the first quarter fared well.

On the negative side, REIT's dropped 6.5%, with all of that (and more) coming in June.  Banks were weak.  Small caps and cheap stocks finished the quarter with small losses.

The above trends don't match up well with historical Q2's, so we'll avoid making projections based on historical patterns.

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We've got our data for June.  Our own take on the market had it down 1.8%.

Electronic instruments and scientific products fared well for the month...up 2.2%.  Hi-tech in general finished with gains.  Stocks with large gains in the prior 3 months outperformed.

On the losing side, REIT's led the way...down nearly 8%.  Not surprisingly, dividend payers in general were weak.  Stocks that finished May with a day of big gains reversed...a common trend. 

The above trends don't match up strongly with any particular historical June, so we'll refrain from predicting July's action based on historical "matching".

June 29:  The Dow lost .1%, Nasdaq .2%.  Our own take on the market had it down .5%.  Separation between groups was a weak 1.7%.

Stocks with high or negative p/e ratios were strongest today...up .4%.  Cheap and volatile stocks outperformed...despite the negativity, we did see evidence of risk-taking on the last day of the quarter.  Oils gained.  Stocks with recent losses outperformed.

On the negative side, banks were weak...down 1.2%.  Stocks with large, if not huge, losses over the last three months to one year were weak.  Wednesday's winners reversed.

The above trends are mixed for the next session...we'll refrain from speculating.

June 28:  The Dow was flat, Nasdaq gained .1%.  Separation between groups was a mere 1.7%.

Nothing of great significance emerged on the positive side of the market.  Metals and mining stocks fared well.  Healthcare gained again.  Stocks with a history of losses in this time slot reversed the trend. 

Stocks that closed well above Wednesday's lows were weakest today...down .7%.  Stocks with large yearlong losses continued to drop.  Yesterday's big gainers reversed.  Heavy industry was weak.

The above trends don't offer any strong indications as to the direction of tomorrow's market.  It should be interesting, however, as it's the last session of the 2nd quarter, it's a Friday, and the market is still digesting the words emanating from the Federal Reserve.  To go out on a limb, we'd look for strength in yearlong losers tomorrow.

June 27:  The Dow gained .7%, Nasdaq 1.2%.  Separation between groups was 2.1%.

Stocks with big losses over the last month topped our list of gainers...up 2.3%. Last Friday's big losers reversed.  No industry groups appeared on the winning side of our tables.

We didn't identify any groups that actually lost money.  The weakest stocks were those with large losses over the last year...up a mere .2%.  Stocks with large gains over the last month were weak.  Non-volatiles underperformed.

The above trends are positive for the next session.

June 26:  Both the Dow and Nasdaq dropped .1%.  Separation between groups was 2.4%.

Healthcare stocks topped our list of gainers...up .6%.  Moderately small cap stocks (in the 10-20% decile) fared well.  Three month losers outperformed.

Oils were weakest...down 1.8%.  Stocks that were strong this time last year reversed.  Yearlong losers were punished.  Cheap stocks underperformed.

The above trends are slightly negative for the next session.

June 25:  The Dow lost .1%, Nasdaq .5%.  Separation between groups was 2.1%.

Only a few groups finished the day with gains.  Stocks that finished near their lows last Friday were strongest...up .2%.  Utilities stayed above water.  Non-volatiles were flat.

Stocks with low book values were weak...down 1.8%.  Thursday's and Wednesday's big gainers reversed.  Stocks with few institutional holders lost in excess of the market.

The above trends are negative for the next session. 

June 22:  The Dow lost 1.4%, Nasdaq 1%.  Separation between groups was 1.9%.

Only one group finished above water today...stocks with low institutional ownership as a percentage of capitalization were essentially flat.  Stocks with nice gains over the last week outperformed. 

Stocks with a big high-close differential in the previous session were weak...down 1.8%.  Recent losers continued losing.  Biotechs turned in another weak showing.  Large caps underperformed. 

The above trends are slightly negative for the next session.  We take heart in the fact that volatiles weren't excessively punished today. 

June 21:  The Dow gained .4%, Nasdaq .6%.  Separation between groups was 2.5%.

Oils were strongest today...up 1.7%.  Semiconductors fared well.  Metals and mining stocks were strong...not surprising, as they often parallel oil.

Stocks that are simultaneously cheap and volatile were weak...down .8%.  Stocks with large losses over the quarter lost money.  Biotechs and banks were weak.  Small, illiquid stocks finished with losses.

The above trends are mixed for the next session...the general gains are nice to see, but the losses in volatiles are foreboding.

June 20:  The Dow lost 1.1%, Nasdaq 1%.  Separation between groups was 2.5%.

We didn't identify any groups that gained today.  The best stocks were simply the least volatile, losing as little as .4%.  Transportation-related stocks fared well.  Free agents were relatively strong.  Stocks that were strong this time last year repeated the performance.

Stocks with a tendency to open above the previous day's close lost as much as 2.8%.  Oils were hit.  Stocks that were weak at this time last year were weak again.

The above trends are negative for the next session.

June 19:  The Dow gained .2%, Nasdaq was flat.  Separation between groups was a mere 1.5%.

Nothing of great significance emerged on the positive side of our tables.  Small caps fared well...up as much as .9%.  Stocks with nice gains over the last 3 months to 1 years outperformed.  Stocks with heavy volume over the last two weeks beat the market.

Long term losers were weak...down as much as .5%.  Biotechs underperformed. 

The above trends are slightly positive for the next session. 

June 18:  The Dow lost .2%, Nasdaq was flat.  Separation between groups was 2.3%.

Oils were strongest...up .9%.  Stocks with large yearlong losses gained.  Small caps outperformed.  Semiconductors finished with gains.

On the negative side, stocks that tend to follow the motions of other stocks lost as much as 1.4%.  REIT's continued their losing streak.  Stocks that have underperformed their best trading partners over the last month were weak. 

The above trends are neutral for the next session.

June 16:  We've got our data for the first half of June.  Our own take on the market had it down about 1.1%.

Oils were the strongest stocks...up about 1.5%.  Stocks with nice gains over the last three months fared well.  Semiconductors avoided losses. 

On the negative side, REIT's got hit fairly hard...down 4.6%.  Stocks that close well above theirs lows on the last day of May were quite weak.  Utilities did not impress.  Stocks that were strong this time last year were weak this time around (primarily because REIT's were strong last June)..

The above trends are typical for this time of year, so we would expect the market to unfold in typical fashion...look for continued gains in longterm winners, weakness in losers, and a possible reversal in the fortunes of oil stocks.

June 15:  The Dow gained .6%, Nasdaq 1.0%.  Separation between groups was 1.9%.

Though various groups gained as much as 1.9%, the trends were not significant.  Stocks with a tendency to finish near their lows fared well...up 1.8%.  Stocks with large losses over the last week to month outperformed.

We didn't identify any groups that actually lost money.  Stocks that closed near yesterday's highs were essentially flat.  Those with large gains over the last month were weak.  Tuesday's big winners reversed.  Non-volatiles did not impress.

The above trends are positive for the next session.

Jun 14:  The Dow gained .5%, Nasdaq  .6%.  Separation between groups was 2.3%.

Oils were strongest today...up 1.5%.  Big winners over the last month to year fared well. 

REIT's were weak today...down .8%.  Banks did not impress.  Non-volatiles were essentially flat. 

The above trends are positive for the next session, though Fridays often reverse Thursday's trends.

Jun 13:  The Dow gained 1.4%, Nasdaq 1.3%.  Separation between groups was 2%.

Though various stock groups gained as much as 2.1% today, the gains weren't particularly significant...stocks tended to move upward en masse, with no groups separating from the pack.  Metals and mining stocks gained nicely, recovering from weakness yesterday.  Stocks with nice gains over the last three months fared well.

We didn't identify any groups that actually lost money.  Cheap stocks, small caps, non-volatiles, and banks all underperformed.

The above trends are positive for the next session.

Jun 12:  The Dow lost 1%, Nasdaq .9%.  Separation between groups was 1.8%.

Stocks with low recent volatility avoided large losses...down .4%.  Stocks that finished Monday's session near their lows held up well.

Stocks with big losses over the last 5 days headed even lower today...down 2.2%.  Stocks trading well over their most prominent resistance levels tended to lose in excess of the market.  Metals and mining stocks fared poorly.  Small caps underperformed.

The above trends are negative for the next session.

Jun 11:  Both the Dow and Nasdaq were flat.  Separation between groups was 2%.

Stocks that have recently outperformed their best trading partners were strongest today...up as much as .7%.  Utilities were strong.  Oils outperformed.  Stocks with large losses last week reversed.

On the negative side, REIT's were clearly the big losers...down 1.3%.  Stocks with large gains last Friday reversed.  Cheap stocks and small caps tended toward losses.

The above trends don't give many clues as to the direction of the next session, so we'll refrain from speculating.

Jun 8:  The Dow gained 1.2%, Nasdaq 1.3%.  Separation between groups was 2%.

Yesterday's big losers were the strongest stocks today...up 2%.  Stocks with big losses over the last week reversed.  Metals and mining stocks were strong.  Stocks trading well over their prominent resistance levels outperformed.

Only a couple of groups actually lost money.  Stocks with high institutional ownership relative to market capitalization were weak...down .1%.  Naturally, then, small caps tended toward weakness as well.  Cheap stocks underperformed.  Stocks with a high "perceived risk" showed minimal gains.  Yesterday's big gainers were flat today.

The above trends are slightly positive for the next session...the general gains are nice, but we don't see much evidence of risk-taking.

Jun 7:  The Dow dropped 1.5%, Nasdaq 1.8%.  Separation between groups was 2.4%.

We didn't identify any groups that finished with gains.  The strongest stocks were simply those that have been least volatile of late...down .6%.  Free agents avoided major losses.  Stocks with weak volume on Wednesday snuck through with minimal damage.  Biotechs and banks outperformed.

The losingest stocks were those with a high "corr" value...stocks that tend to follow the movements of other stocks...down 3%.  Stocks with large gains over the last 3 months to year took a hit.  Utilities were weak.  Stocks with poor performances over the last 5 days continued downwards.

The above trends are negative for the next session, though Friday has a way of reversing the trends of the previous 4 days.  It's nice to see that volatile stocks weren't included amongst the major losers of the day.

Jun 6:  Both the Dow and Nasdaq lost .9%.  Separation between groups was a mere 1.7%.

Interestingly, stocks with negative p/e ratios were strongest today...they were essentially flat.  Small caps outperformed.  Non-volatiles resisted losses.  Banks showed minimal losses.

On the negative side, we see metals and mining stocks, followed closely by oils...down 1.7%.  Stocks trading well over their long term resistance levels were weak.

The above trends are mixed as indicators of the next session's direction.  We do like the fact that despite the losses, we saw evidence of risk-taking.  On the whole, though, the indicators add up to a slightly negative Thursday.

Jun 5:  The Dow lost .6%, Nasdaq .3%.  Our own take on the market had it down .8%.  Separation between groups was 1.9%.

Only a few groups actually finished with gains.  Stocks with a strong tendency to finish near their lows over the last month were strongest...up .3%.  Monthlong losers in general fared well.  Makers of scientific instruments avoided losses. 

REIT's were the biggest losers...down 1.6%.   Banks were weak as well.  Stocks with weak volume in Monday's session were picked on today. 

The above trends are slightly negative for the next session.

Jun 4:  The Dow gained .1%, Nasdaq .2%.  Separation between groups was 2.3%.

Oils were clearly the strongest group today...up 1.3%.  Stocks with weak volume over the last 3 sessions gained nicely. 

Biotechs were hit...down .9%.  Stocks with big gains in the previous session reversed. 

The above trends are neutral for the next session.

Jun 1:  The Dow gained .3%, Nasdaq .4%.  Separation between groups was 2.5%.

The 10-20 percentile of stocks sorted by price was strongest today...up 2%.  Stocks trading well over their most prominent resistance levels were strong.  Volatiles outperformed. 

Stocks with negative p/e ratios were weak...down .5%.  Stocks with poor recent volume lost money.  Utilities failed to gain.  Small, illiquid stocks did not impress.

The above trends are slightly positive for the next session.

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We've got our data for the month of May.  Our own take on the general market had it up a healthy 3.2%.

One of our proprietary indicators ("vskew") best predicted gains for the month...stocks with a low value gained as much as 7.9%.  Outside of proprietary indicators, it was a strong month for transport-related equities.  Stocks with short term averages well over their longer averages outperformed.  Three month gainers fared well.  On a risk-adjusted basis, non-volatiles gained nicely.

Only a few groups lost money in the month.  Stocks with a large close-low difference on the last day of April lost nearly 1%.  Despite the strength in non-volatiles, dividend payers in general did not impress.   Cheap stocks and volatiles were weaker than one might expect in a fairly positive market.   Free agents lagged.

The above trends do not align strongly with historical Mays, so we'll refrain from offering predictions for June based on historical similarities.

May 31:  The Dow was flat, Nasdaq gained .5%.  Separation between groups was 2.8%.

Stocks that are simultaneously volatile and cheap led the way today...up 2.3%.  Stocks with high or negative p/e ratios fared well...plenty of evidence of risk-taking today.  Biotechs rebounded from weakness yesterday.  Stocks with large losses over the last week reversed.  Yearlong losers also outperformed.

Banks were weak, losing .4%.  Stocks with low p/e ratios were flat.  Those with large gains this month underperformed. 

The above gains are positive for the next session.  We should also bear in mind, however, that the next session is a Friday, which tends to reverse current trends.  Further confounding prediction is the fact that it's the first day of the month, which tends to be a strong session.

May 30:  Both the Dow and Nasdaq gained .6%.  Separation between groups was 2.3%.

Oils reversed yesterday's weakness and led all groups with a 1.8% gain.  REIT's added to yesterday's gains.  Stocks with big yearlong gains were strong. 

Biotechs were clearly the biggest losers today...down .6%.  Banks were weak.  Free agents lagged.  Stocks with large losses over the last month continued downward.

The above trends are positive for the next session.

May 29:  The Dow gained .1%, Nasdaq .6%.  Separation between groups was 2.7%.

REIT's were clearly the big winners today...up 2.6%.  Most other winning groups were a consequence of the action in REIT's...stocks with big dividends and/or large monthlong losses also fared well.

On the negative side, oils were the only group that actually lost money...down .1%.  Large caps and non-volatiles underperformed.

The above trends are slightly positive for the next session.

May 25:  The Dow gained .5%, Nasdaq .8%.  Separation between groups was 2%.

Stocks with a strong tendency to close near their lows of late were strongest...up 1.6%.  Tuesday's and Thursday's big losers fared well. 

Conversely, yesterday's big winners were weak...down .3%.  Stocks that have strongly outperformed their best trading partners over the last month were weak.  Banks were flat.

The above trends are positive for the next session.

May 24:  The Dow lost .6%, Nasdaq lost 1.6%.  Separation between groups was 2%.

We didn't identify any groups that actually avoided losses.  The strongest stocks were small and illiquid...down as little as .3%.  Non-volatiles had minimal losses. 

Utilities lost again...down 2.3%.  Stocks with big yearlong gains got burned.  Semiconductors were weak. 

The above trends are negative for the next session.  However, Friday has a way of reversing the week's dominant trends, and we've seen evidence of positive pressure (see the summaries for May 23 and 22 below) of late.

May 23:  The Dow lost .1%, Nasdaq .4%.  Separation between groups was 2%.

Stocks with large yearlong losses continued upwards...up 1.1%.  Recent losers (in the last week) were strong as well.  Volatiles outperformed.  Cheap stocks finished with gains.

On the negative side, nothing of significance emerged.  Utilities were weak again...down .9%.  Stocks that tend to trade in a herd (a high "corr" value) lost in excess of the market. 

The above trends are slightly positive for the next session.

May 22:  The Dow was flat, Nasdaq gained .4%.  Our own take on the market had it up .7%.  Separation between groups was 2.6%.

Stocks with large 3 month losses led the way today...up 2.3%.  Yearlong losers followed.  Volatiles were strong as well.

On the losing side, stocks whose short-term averages are well above their long-term averages dropped as much as .2%.  Oils were weak.  Metals and mining and utilities were essentially flat.  Stocks with big 3 month gains fared poorly.  Expensive stocks did not impress.

The above trends are positive for the next session.

May 21:  The Dow lost .1%, Nasdaq gained .8%.  Our own take on the market had it up .9%...mid caps outperformed.  Separation between groups was 2.5%.

Stocks with weak volume over the last two weeks were strongest today...up 2.1%.  Oils fared well.  Stocks with large 3 month gains continued upwards.  Stocks that were weak this time last year outperformed.

On the losing side, particularly volatile stocks finished with losses as high as .4%.  The most illiquid stocks underperformed.  Stocks with large yearlong losses finished with minimal gains.  Banks were weak.

The above trends are mixed, but show a small positive bias as predictors of the next session.

May 18:  The Dow gained .6%, Nasdaq .7%.  Separation between groups was a big 3.9%.

The strongest stocks were those with the highest "perceived risk" (standard deviation divided by price)...up 2.9%.  Naturally, volatile stocks fared well as well.  Oils gained nicely.  Stocks with large 3 month gains continued upwards.  Yesterday's and Tuesday's big winners won again.

On the losing side, REIT's continued yesterday's losses...down .9%.  Banks were weak.  Non-volatiles showed minimal gains. 

The above trends are positive for the next session.

May 17:  Returning from vacation, we've got a fair amount of catching-up to do.  We'll start with our usual look at daily market trends....

The Dow lost .1%, Nasdaq .3%.  Separation between groups was 3.1%.

Oils were clearly the big winners today...up 1.5%.  Stocks with strong volume in the previous session finished with gains.

On the negative side, REIT's were the big losers...down 1.6%.  Cheap stocks were weak.  Stocks with weak volume in the previous session had larger-than-average losses.

The above trends are slightly negative for the next session.

Apr 30:  The Dow lost .4%, Nasdaq 1.3%.  Our own take on the market had it down 1.5%.  Separation between groups was 2.4%.

We didn't identify any groups that actually gained today.  Despite the losses in Nasdaq, small, illiquid stocks held up well...down as little as .2%.  Non-volatiles, of course, outperformed.  Stocks that finished near their highs on Friday beat the general market.

Stocks trading over their most prominent resistance levels were weakest...down as much as 2.5%.  Yearlong gainers dropped.  Last Friday's big losers continued falling.  Volatiles underperformed. 

The above trends are negative for the next session.

Apr 27:  Both the Dow and Nasdaq gained about .1%.  Our own take on the market had a .4% loss!  Separation between groups was 2%.

Nothing of significance emerged on the positive side of the market.  Stocks with a moderate recent tendency to finish near their lows gained as much as .5%.  Expensive stocks outperformed.

On the negative side, stocks with big gains over the last week reversed...down 1.5%.  Heavy industry was weak.  Volatile stocks underperformed.  Yesterday's big winners reversed.

The above trends are negative for the next session.

Apr 26:  The Dow gained .1%, Nasdaq .3%.  Separation between groups was 1.9%.

Semiconductors and software stocks repeated Tuesday's performance with solid gains...up 1.1%.  Stocks with large 3 month losses outperformed. 

Stocks trading with negative p/e ratios were weakest...down .8%.  Cheap stocks lost money.  Stocks with short term averages well above longer term averages were weak.  Despite Nasdaq's relative strength, small caps tended to lose money.  Oils underperformed.

The above trends are neutral for the next session.

Apr 25:  The Dow gained 1%, Nasdaq .9%.  Separation between groups was 2.2%.

Oils were strongest today...up 1.8%.  Large caps were strong.  Stocks with nice gains over the last month fared well. 

Losers were led by cheap stocks, reversing yesterday's action...down .4%.  Small caps were weak.  Stocks that have shown strength in this time slot over the last 3 years were weak this time around.  Stocks trading well below their 100 day averages underperformed.

The above trends are slightly positive for the next session:  the strong overall gains are nice to see, but are dampened by the failure of volatiles to participate.

Apr 24:  The Dow gained .3%, Nasdaq was flat.  Our own take on the market showed a .1% loss.  Separation between groups was 2.1%.

Semiconductors were by far the strongest group today...up 1.4%.  At a distant 2nd, we saw cheap stocks (up .6%).  Stocks that were weak at this time last year reversed.  Free agents fared well.

On the negative side, brokerages and related businesses lost around .7%.  Stocks with large yearlong gains finished in negative territory.

The above trends are slightly positive for the next session...we like to see gains in semiconductors.

Apr 23:  The Dow lost .3%, Nasdaq .1%.  Separation between groups was 2.1%.

REIT's were clearly the strongest stocks today...up 1%.  Oils and utilities fared well.  Large caps, stocks with large (if not monstrous) gains over the last year, and stocks trading well over their most prominent resistance levels all outperformed the general market.

On the losing side, we see stocks with big gains in the previous week...down 1.1%.  Friday's and Wednesday's big gainers were weak.  Despite Nasdaq's relative strength, small-caps tended toward weakness.  Yearlong losers fell.

The above trends are negative for the next session.

Apr 20:  The Dow gained 1.2%, Nasdaq .8%.  Separation between groups was 1.8%...despite the solid gains, stocks tended to move in lockstep.

No dominant trends emerged on the positive side of the market.  A couple of our proprietary indicators predicted gains as high as 2%.  Retails were strong.  Stocks with a history of gains in this time slot tended to repeat.  Thursday's big losers reversed.

We didn't see any potent trends on the negative side of our tables either.  Non-volatiles gained as little as .3%.   Small-caps underperformed. 

Apr 19:  The Dow was flat, while Nasdaq lost .2%.  Separation between groups was 1.8%.

The trend toward gains in long-term losers held up today, with gains as high as .4% in stocks trading well below their long term resistance levels.  Non-volatiles finished flat.  No industry groups were seen in our list of winning stocks.

Nothing of great significance appeared on the losing side of our tables.  Stocks with large, but not huge, losses over the last three months were weak...down 1.4%.  Oils dropped again. 

The above trends are slightly negative for the next session.

Apr 18:  The Dow gained .2%, while Nasdaq lost .3%.  Separation between groups was 2.1%.

Stocks with large losses over the last three months led the way today...up .9%.  Large caps were strong.  Dividend payers and low p/e equities fared well.  No industry groups were found in our list of winners.

On the losing side, we see the mirror image of our market leaders, as is often the case...stocks with large gains over the last three months lost as much as 1.2%.  Stocks with low volume in the last trading session lagged.  Volatile stocks were weak.  Oils finished with losses.

The above trends are negative for the next session.

Apr 17:  The Dow gained .4 % while Nasdaq was flat.  Our own take on the market had it down .1%.  Separation between groups was 2.2%.

REIT's were strongest today...up 1.1%.  Stocks with large losses over the last week to three months were strong.  Low p/e stocks fared well, as one might suspect given the Dow's strong relative performance today. 

On the losing side, stocks with big gains over the last month to three months fared poorly...down as much as 1.2%.  Stocks with high recent volatility fell.  Oils and metals and mining stocks were weak.

The above trends are slightly negative for the next session.

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

We've got our data for the first half of the month.  Our own dissection of the market had it up a healthy 3.5%.

The strongest stocks were oils...up 6.6%.  Metals and mining stocks were strong, as they often are when oils outperform.  Biotechs fared nicely.  Cheap stocks, 3 month gainers, and volatile stocks all beat the market.

We didn't identify any groups that actually lost money.  Banks eked out fractional gains.  Dividend payers were weak, even after we corrected for monster one-time dividends at several operations (e.g. Altria).  REIT's underperformed. 

Apr 16:  The Dow gained .9%, Nasdaq 1.1%.  Separation between groups was 2.3%.

Stocks trading well under their most prominent resistance levels were strongest today...up as much as 2.8%.  Yearlong losers gained nicely.  Brokerages were strong.  Cheap/volatile stocks fared well.

We didn't identify any groups that actually lost money.  The weakest of the lot were stocks that have had particularly strong volume this month...up a mere .5%.  Over the years, we've been reminded time and time again that heavy volume may be the most single most over-rated indicator of future gains that one can find.  Stocks with large gains over the last three months to one year underperformed.  Free agents were weak...perhaps they'll pick up steam tomorrow.

The above trends are positive for the next session.

Apr 13:  Both the Dow and Nasdaq gained .5%.  Separation between groups was 2.6%. 

Cheap stocks fared well...up as much as 2.2%.  Biotechs gained nicely.  Volatiles were strong.  Recent losers bounced back. 

Nothing of great significance emerged on the negative side of the market.  Retails were weak...down .2%.   Stocks that have moderately underperformed over the last month were flat.

The above trends are positive for the next session.

Apr 12:  The Dow gained .5%, Nasdaq .8%.  Separation between groups was 2.4%.

Oils were clearly the strongest group today...up 2.2%.  Stocks with large losses over the last week to three months were strong.  Volatiles fared well. 

Only a handful of groups actually lost money today.  REIT's topped the list...down .2%.  Utilities were weak. 

The above trends are positive for the next session, though Friday is more likely than other days to reverse the previous day's trends.

Apr 11:  Both the Dow and Nasdaq lost .7%.  Separation between groups was a miniscule 1.5%...stocks tended to move in lockstep.

Only a few groups showed gains today.  Stocks with large yearlong losses led the way...up .2%.  However, stocks with nice monthlong gains also managed to beat the market.  Cheap stocks and free agents resisted losses.

Banks and REIT's were weak, with losses around 1.4%.  Monday's losers lost in excess of the market.  Stocks that have been underperforming their best trading partners continued to underperform....the general theme of momentum trading that we've seen over the last couple months shows no sign of abating.

The above trends are mixed as indicators of tomorrow's market...the general losses are a negative indicator, but it's nice to see that volatile stocks weren't singled out for a spanking today. 

Apr 10:  The Dow was flat, Nasdaq gained .3%.  Separation between groups was 2.4%.

Oils led the pack today...up 1.3%.  There were no other clear-cut trends to speak of.

Stocks with large gains over the last month were weak...down 1.1%.  Stocks with heavy volume yesterday underperformed.  Non-volatiles tended to lose money.

The above trends are slightly positive for the next session.

Apr 9:  The Dow gained .1%, Nasdaq lost .1%.  Separation between groups was 2.7%.

Stocks with high or negative p/e ratios topped our list of gainers today...up 1.6%.  Stocks with large gains over the last month to three months fared well.  Cheap stocks outperformed.  Biotechs were strong. 

Losers were topped by stocks that have few institutional holders as a percentage of capitalization...down 1.1%.  Banks were weak.  Stocks with a history of losses in this time slot were weak again.

The above trends are positive for the next session.

Apr 5:  The Dow gained .3%, Nasdaq .5%.  Separation between groups was 2.2%.

Stocks with large losses over the last week were strong...up 2%.  Volatiles fared well.  Biotechs showed strength.  One month to three month losers fared well.

Banks were weak...down .2%.  Non-volatiles were flat. 

The above trends are positive for the next session.  We especially like the fact that volatiles showed strength...something we haven't seen for a while.

Apr 4:  The Dow gained .2%, Nasdaq .3%.  Our own take on the market had it down .1%.  Separation between groups was small...1.7%.

Yesterday's big losers were strongest...up .8%.  Healthcare stocks fared well.  Stocks with nice gains over the last three months continued upwards.

On the losing side, banks lost .9%.  Stocks with large losses over the last three months were weak.  Stocks trading well under their most prominent resistance levels underperformed.

The above trends are neutral for the next session.

Apr 3:  The Dow gained 1%, Nasdaq 1.2%.  Separation between groups was 2.4%.

Stocks with a strong recent tendency to close near their lows were strong today...up 2%.  Recent losers fared well, as well as stocks with large losses over the last quarter to year.  Volatile stocks were generally strong.   Insurance stocks outperformed. 

Stocks that finished near yesterday's highs lost as much as .3%.  Stocks that were weak at this time last year repeated their weakness. 

The above trends are positive for the next session.

Apr 2:  The Dow gained .2%, Nasdaq was flat.  Separation between groups was 3.2%.

Utilities led the way today...up 1.7%.  Stocks with strong yearlong performances gained nicely.  One month to three month winners also fared well.

On the losing side, yearlong losers were again weak...down 1.5%.  Stocks that have underperformed their best trading partners over the last month continued to lose.  Banks were weak.  Cheap stocks lost money.  Stocks with large losses over the last month to three months fared poorly.

The above trends are neutral for tomorrow's session.

Mar 31 (Sat):   We've got our data for the first quarter of 2007.  Our own take on the market had it up about 2%.  On the whole, the quarter was rather listless...no particular groups of stocks stood out from the pack in terms of big gains or losses.

A couple of our proprietary indicators pointed to gains as high as 8.3%.  Outside of those, stocks with a losing first quarter in 2006 tended to reverse nicely.  Software stocks quietly outperformed...up nearly 8%.  Metals and mining stocks were strong.  Utilities fared well, particularly after risk-adjustment.

Banks led our list of Q1 losers...down as much as 7.5%.  Stocks that finished 2006 with a series of losses tended to continue losing.  Stocks with poor performances in 2006 continued stumbling.

The above trends don't match up particularly well with any Q1's over the last 25 years, so we won't bother to make any comparisons.

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We've got our data for March.  Our own take on the market has it eking out a gain of about .3% for the period.

As usual, oils outperformed in March...up nearly 4%.  Stocks with nice gains over the last month to year were strong.  Utilities were particularly strong after risk-adjustment.

On the negative side, stocks with negative p/e ratios were hit...down nearly 4%.  Stocks with large losses over the last month to year were hurt.  Insurance companies and banks were weak, particularly after risk-adjustment.  Volatiles fared poorly.

Historically, March 1993 matches up fairly well with the current period.  For what it's worth, April 1993 saw general losses of about 2%, with rather unfocused trading.  Utilities were strong.  Large caps outperformed. 

Mar 30:  Both the Dow and Nasdaq gained .1%.  Separation between groups was 2%.

A couple of our proprietary indicators led the way today, pointing to gains as high as 1.2% with decent significance.  Biotechs were strong.  Volatiles outperformed.  Yearlong losers were strong.  Cheap stocks and small caps fared well.

On the negative side, oils dropped about .8%.  Stocks with weak volume over the previous 3 sessions underperformed.  Stocks with low (but not negative) p/e ratios tended to lose slightly.

The above trends are positive for the next session.  One should note, however, that some of the dominant recent trends are likely to reverse as we enter the second quarter.

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