July 2:  The Dow lost 2.6%, Nasdaq 2.7%.  Our own take on the market had it down 3.9%.  Separation between groups was 3.9%...stocks moved in herd-like fashion.

We didn't identify any groups that finished the session with gains.  Free agents were strongest, losing 1.9%.  The smallest of small caps held up well.  Biotechs outperformed.  Non-volatiles, of course, resisted major losses.

On the negative side, REIT's led the pack...down 5.8%.  Stocks with large losses in Monday's session repeated.  Volatiles were hit hard.  Stocks with large yearlong losses were also weak.

The above trends are negative for the next session.

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

We've got our data for the second quarter.  Our take on the general market had it up a very impressive 30.5%.

The 30.5% pales in comparison to the performance of a few groups of stocks.  Our list of winners was led by the 4% of stocks that entered the quarter with the largest yearlong losses...up a massive 118%!  Volatile stocks nearly doubled.

We didn't identify any groups that actually lost money.  Banks were quite unimpressive, however, gaining as little as 2.5%.  Considering that banks figure prominently on lists of yearlong losers, we took a moment to remove them from the aforementioned 4% of stocks...in that case, the second quarter gains of the group balloon up to 138%!  Non-volatiles, not surprisingly, were weak.  Stocks with strong yearlong performances failed to partake in second quarter gains.

July 1:  The Dow gained .7%, Nasdaq .6%.  Our own take on the market had it up 1.7%.  Separation between groups was 4.5%.

Stocks that closed well below their highs in the previous session were strongest today...up 4.4%.  Last Friday's big winners won again.  Small caps outperformed.

We only identified one group that finished in negativity territory today...stocks with heavy market capitalization lost .1%.  Expensive stocks were weak.  Biotechs, one of June's strongest groups, did not impress. 

The above trends are positive for the next session.

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

We've got our data for the month of June.  Our own take on the market had it up .6%.

Free agents topped our list of June's winningest stocks...up 8.8%.  Biotechs quietly had a strong month.  On a risk-adjusted basis, non-volatiles fared well.

On the negative side, oils were clearly the big losers...down 9.2%.  Banks fared poorly.  Stocks that fared well in the previous June were weak this time around.  Yearlong losers continued to suffer. 

Jun 30:  The Dow lost 1%, Nasdaq .5%.  Separation between groups was 4.1%.

Stocks with a strong recent tendency to close well off their highs were strongest today...up 2.3%.  Volatile stocks fared well.  Cheap stocks outperformed. 

On the negative side, stocks with big gains last Friday reversed...down 1.8%.  Banks and transportation-related equities were weak. 

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

Jun 29:  The Dow gained 1.1%, Nasdaq .3%.  Our own take on the market had it up a mere .1%.  Separation between groups was a big 8.9%.

Stocks with big losses last Friday (at least 6%) were strongest today...up 4.1%.  Stocks with a series of recent losses also fared well.

Despite the positive tone of today's session, stocks that closed well above their lows last Friday were quite weak...down 4.8%.  Friday's big gainers reversed. 

The behaviors in today's market are quite typical for the end of a quarter.  Look at our computer generated summary of today's action and you'll see that today's session compares most strongly with sessions ending just after 3/31/1999, 9/29/2008, 6/30/1999, and 4/3/1999.  In any case, the above trends are slightly positive as indicators of the next session's direction.

Jun 26:  The Dow lost .4%, Nasdaq gained .5%.  Our own take on the market actually had it up 1.2%.  Separation between groups was 4.9%.

Stocks with negative momentum over the last week were strongest today...up as much as 3.9%.  At the same time, stocks with strong performances over the last three months continued upwards.  Cheap stocks and stocks with heavy recent volume also outperformed.

One of our proprietary indicators "predicted" losses as large as .9%.  Outside proprietary indicators, large caps tended to underperform, as the Dow's performance would indicate.  Expensive stocks finished with losses.  Non-volatiles were flat.

The above trends are positive as indicators of the next session.

Jun 25:  Both the Dow and Nasdaq gained 2.1%.  Our own take on the market had it up 2.8%.  Separation between groups was 3.9%.

Volatile stocks were strongest today...up 5%.  Tuesday's big gainers repeated, whereas yesterday's big losers reversed.  Transportation and construction-related issues performed surprisingly well. 

We didn't identify any groups that actually lost money.  The smallest of small-caps were weakest...up a mere 1.1%.  Non-volatiles lagged, as would be expected in a strongly positive session.

Bearing in mind that Friday often reverses the trends of the week, the above trends are positive for the next session.

Jun 24:  The Dow lost .3%, Nasdaq gained 1.5%.  Separation between groups was 3.9%.

Stocks with big losses over the previous week were strongest today...up 3.5%.  At the same time, stocks trading well over their prime resistance levels also fared well.  Volatile stocks outperformed.

On the negative side, stocks that have performed strongly over the last week reversed...down .4%.  Stocks with weak volume in the previous session did not impress today. 

The above trends are positive for the next session.

Jun 23:  The Dow lost .2%, Nasdaq .1%.  Separation between groups was 4.2%.

Stocks with a series of large losses over the last week were strongest today...up 2.2%.  Yesterday's big losers reversed. 

On the negative side, stocks that closed well above their lows in the previous session lost 2%.  Retails were weak. 

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

Jun 22:  The Dow lost 2.4%, Nasdaq lost 3.3%.  Our own take on the market had it down 4.3%.  Separation between groups was 8%.

We didn't identify any groups that actually made money today.  Non-volatiles were strongest, losing as little as .8%.  Utilities held up well.  Stocks with strong performances over the last year (losing no more than 19%) avoided major losses.

The weakest stocks were the most volatile...down 8.7%.  Stocks with large losses last Wednesday got hit again.  Yearlong losers continued downwards.  Oils and metals and mining interests were hurt.

The above trends are negative for the next session.

Jun 19:  The Dow lost .2%, Nasdaq gained 1.1%.  Separation between groups was 3.4%.

Volatile stocks led the way today...up 2.3%.  Stocks with a string of losses over the last few days reversed.  Stocks with nice gains over the last three months outperformed.

On the negative side, utilities dropped 1.1%, reversing some surprising recent gains.  Oils did not impress.  As the Dow's performance would indicate, non-volatiles finished with losses. 

The above trends are positive for the next session.

Jun 18:  The Dow gained .7%, Nasdaq was flat.  Separation between groups was 3.7%.

Utilities enjoyed a rare session as a market leader...up 1.8%.  Non-volatiles fared surprisingly well.  Insurance outfits and banks finished with decent gains.

On the negative side, stocks with big book values (relative to stock price) were weakest...down 1.5%.  Stocks with large yearlong losses were hit, though stocks with big 3 month gains were also weak.  Volatiles underperformed.

The above trends are mixed as indicators of the next session...the general gains are nice to see, but the weakness in volatiles and other risk-laden groups is a tad worrisome.

Jun 17:  The Dow lost .1%, Nasdaq gained .7%.  Separation between groups was 6%.

Biotechs were strongest today...up 2.2%.  Stocks with large numbers of institutional holders (after adjusting for market cap) fared well.  Small caps outperformed.  Stocks with strong performances over the last year beat the market.

On the negative side, stocks with a strong tendency to gain in the afterhours took a hit...down 3.8%.  Yearlong losers continued to take a pounding, though stocks with nice gains over the last three months also finished with relatively large losses.  Volatile stocks lost in excess of the market. 

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

Jun 16:  The Dow lost 1.1%, Nasdaq 1.2%.  Separation between groups was a mere 3.1%.

We didn't identify any groups that actually made money today.  Small caps nearly pulled through, however, losing as little as .1%.  Stocks with heavy volume over the last two weeks outperformed.  Utilities and banks held up well.  Non-volatiles beat the market.

On the losing side, stocks with relatively large losses over the last week were weakest...down 3.3%.  Strong performers over the last three months tended to reverse.  Volatiles underperformed.  Oils and metals and mining interests round out our list of losers.

The above trends are negative for the next session.

Jun 15:  The Dow lost 2.1%, Nasdaq 2.3%.  Our own take on the market had it down 3.1%.  Separation between groups was 4.1%.

Stocks trading well below their 3 month averages were strongest today...down a mere 1.2%.  Non-volatiles held up well.  Stocks that closed near their lows in the previous session outperformed the market.

Stocks with large gains over the last three months were weakest...down as much as 5.3%.  Cheap stocks did not impress.

The above trends are negative for the next session.  One bright note would be the evidence of bottom-fishing seen in today's market.

Jun 12:  The Dow gained .3%, Nasdaq lost .2%.  Separation between groups was 4.3%.

REIT's finished on top of our list of gainers...up 2.5%.  Stocks with weak performances over the last three months tended to outperform.

On the negative side, stocks with a strong recent trend to close sessions near their highs were weakest...down 1.7%.  Metals and mining stocks, as well as oils, failed to impress.  Last Tuesday's big gainers reversed.  Stocks with strong performances over the last three months tended to close with losses.

The above trends are neutral as predictors of the next session's direction.

Jun 11:  The Dow gained .4%, Nasdaq .5%.  Separation between groups was 5.3%...a tad more volatility than we've seen over the last couple of weeks.

The strongest stocks were the smallest (in terms of capitalization)...up 3.2%.  Free agents gained nicely.  Utilities had another session of unusually strong gains.  Volatile stocks beat the market.

On the negative side, REIT's were punished...down 2%.  Retails failed to impress.  Stocks with big gains over the last year reversed course.  Stocks with weakness over the last 5 days continued to underperform.

Bearing in mind that Friday has a reputation for contrary behavior, the above trends are positive for the next session.

Jun 10:  The Dow lost .3%, Nasdaq .4%.  Separation between groups was 3.6%.

Stocks with a strong recent tendency to open well above the previous day's close were strongest today...up 1.5%.  Those with strong volume on Tuesday fared well.  Utilities enjoyed a rare day near the top of the pack.  Yesterday's gainers tended to repeat the performance.

On the negative side, banks lost about 2%.  Stocks with weak recent volume did not impress.  Yearlong winners faltered. 

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

Jun 9:  The Dow was flat, Nasdaq gained 1%.  Separation between groups was 3.8%.

Metals and mining stocks were strongest today, bouncing back from yesterday's weakness...up 2.6%.  Semiconductors fared well.  Last Wednesday's big losers turned around.  Yearlong losers outperformed.

On the negative side, banks lost 1.2%.  Stocks that closed near their lows in the previous session did not impress today.  Stocks with unusually high volume yesterday tended to lose today.

The above trends are slightly positive for the next session.

Jun 8:  The Dow was flat, Nasdaq lost .4%.  Separation between groups was 3.3%...the market has lost a great deal of volatility of late.

Stocks with heavy institutional ownership (after adjustment for market capitalization) were strongest today...up 1.4%.  The smallest of small caps fared well.  Free agents finished the session with gains.  Stocks with poor performances over the last month held up nicely.

On the negative side, one of our proprietary indicators ("pkurt") "predicted" losses as high as 1.8%.  Metals and mining interests were weak.  Last Tuesday's big gainers reversed. 

The above trends are neutral as indicators of the next session's direction.

Jun 5:  The Dow gained .1%, Nasdaq was flat.  Separation between groups was 4%.

Stocks with low p/e ratios were strongest today...up 2%.  Business service companies fared well.  Stocks with a strong week of gains continued to outperform.  Volatiles gained.  Cheap stocks beat the market.

On the negative side, banks took a hit...down 2%.  Stocks trading well under their 20 day averages finished in negative territory.  Tuesday's losers lost again.

The above trends are slightly positive for the next session...we like the gains in volatile and cheap stocks.

Jun 4:  The Dow gained .9%, Nasdaq 1.3%.  Our own take on the market had it up 2%.  Separation between groups was 6.2%.

Stocks with large losses (in the ballpark of -75%) over the last year were strongest today...up 6.2%.  Stocks that closed well below their highs in the previous session fared well.  Cheap stocks and volatiles outperformed.

On the negative side, retails were weak, with essentially no gains.  Non-volatiles lagged.  Stocks with strong performances over the last year failed to impress. 

Bearing in mind that Fridays have a tendency to reverse the week's trends, the above indicators are positive for the next session.

Jun 3:  The Dow lost .7%, Nasdaq .6%.  Our own take on the market had it down 1.3%.  Separation between groups was 5.7%.

Stocks with a high value for one of our proprietary indicators ("vstdev") fared best today...up 1.1%.  Stocks with large losses over the last 3 months tended to gain.  Biotechs finished with slight losses. 

The negative side of our tables was dominated by industries.  Oils were first...down 4.5%.  Metals and mining stocks were weak.  Stocks with large yearlong losses continued losing.  Last month's big gainers lost in excess of the market.

The above trends are negative for the next session.

Jun 2:  The Dow gained .2%, Nasdaq .4%.  Separation between groups was a weak 3.4%.

Trends on the positive side of the market were not particularly significant today.  Stocks with losses around 2% last month tended to fare well today...up 2.1%.  Biotechs rebounded from weakness in the previous session.  Stocks that closed well above their lows in the previous session outperformed.

On the negative side, last Wednesday's big gainers were weak...down 1.3%.  Yearlong losers continued losing.  Banks and REIT's underperformed.

The above trends are weakly positive for the next session.

Jun 1:  The Dow gained 2.6%, Nasdaq 3.1%.  Our own take on the market had it up 4.1%.  Separation between groups was 6.1%.

Stocks trading well over their prime resistance levels were strongest (up 7.7%).  However, yearlong losers also continued to outperform..  Last Tuesday's big gainers continued gaining.  Last Friday's big winners also fared well.  Volatiles prospered. 

We didn't identify any groups that lost money.  The weakest stocks were those with big losses last Tuesday...up a mere 1.4%.  Biotechs did not impress.  Free agents lagged.  Stocks with weak performances over the last three months failed to keep up with the market. 

The above trends are positive for the next session.

May 30 (Sat):  We've got our data for the month of May.  Our own take on the market had it up 5.5%.

Stocks with large losses (at least 80%) over the last year led our list of winners...up a sweet 26.2%!  Interestingly, stocks with negative cash per share weren't far behind.  Oils were quite strong.  Volatile stocks gained nicely.  Stocks with a strong tendency to gain in the afterhours sessions also outperformed.

The weakest stocks were those with strong yearlong performances...down as much as 2%.  Heavily shorted stocks tended to finish the month with losses.  Retails and restaurant stocks did not impress. 

May 29:  The Dow gained 1.2%, Nasdaq 1.3%.  Separation between groups was 4.1%.

Brokerages and other investment service companies fared well today...up 3%.  Yesterday's big gainers continued upwards. 

On the negative side, stocks with heavy institutional ownership (after market cap is factored in) were weak...down 1.1%.  Cheap and volatile stocks were weak...a negative sign for the next market session.  Stocks with big gains last Tuesday tended to lose money. 

The above trends are weakly positive as indicators of the next session.

May 28:  Both the Dow and Nasdaq gained 1.2%.  Separation between groups was 3.7%.

Oils were strongest today...up 2.8%.  Insurers and REIT's outperformed. Stocks with large but not extreme losses over the last year (around -50%) fared well.

On the negative side, stocks that have strongly underperformed their best trading partners over the last month were weakest...down .7%.  Tuesday's winners reversed.  Stocks with high recent volatility tended toward flatness.

The above trends are only slightly positive for the next session.

May 27:  The Dow lost 2%, Nasdaq 1.1%.  Separation between groups was 4.6%.

We didn't identify a single group that actually gained today.  Stocks with relatively large losses yesterday were essentially flat, however.  Free agents held up well.  Biotechs and semiconductors avoided any worrisome losses...a positive sign for the next session. 

On the losing side, banks dropped 4.6%.  Stocks that closed well above their lows in the previous session were hurt.  Yesterday's big winners and last Friday's big losers lost in excess of the market. 

The above trends are only slightly negative for the next session.

May 26:  The Dow gained 2.4%, Nasdaq 3.4%.  Our own take on the market had it up 4.6%.  Separation between groups was 5.5%.

Stocks with heavy institutional ownership (after adjusting for market cap) were strongest today...up as much as 7.4%.  Stocks with large losses last Tuesday followed.  Volatile stocks fared well, as did stocks with large yearlong losses.  Banks and REIT's outperformed.

We didn't identify any groups that actually lost money.  In fact, the worst group, non-volatiles, still managed to gain 2%.  Free agents lagged.  Large caps and expensive stocks did not impress.

The above trends are positive for the next session.

May 22:  Both the Dow and Nasdaq lost .2%.  Separation between groups was a mere 3%...as low as we've seen for quite a while.

Stocks with a string of losses over the last week were strongest today...up .7%.  In particular, yesterday's big losers tended to reverse.  Non-volatiles outperformed.

On the negative side, REIT's were hit hardest...down 2.2%.  Stocks trading well over their prime resistance levels tended to reverse.  Volatiles suffered in excess of the market.

The above trends are slightly negative for the next session.

May 21:  The Dow lost 1.5%, Nasdaq 1.9%.  Separation between groups was a mild 4.2%.

Only one group (out of more than 1,000) gained today...one of our proprietary indicators "predicted" gains as high as .1%.  REIT's avoided any losses to speak of.  Non-volatiles resisted punishment. 

On the negative side, stocks trading well above their 100 day averages were hurt...down as much as 4.1%.  Volatile stocks were punished.

Bearing in mind that Friday has a tendency to reverse the previous days' trends, the above observations signal weakness.

May 20:  The Dow lost .6%, Nasdaq .4%.  Separation between groups was 4.4%...quite small by recent standards.

Stocks with a strong recent tendency to gain in the afterhours sessions were strongest today...up 2%.  Cheap stocks and small caps finished with decent gains.  Yesterday's big winners continued winning.  Volatiles outperformed again, a positive sign for the market.

On the negative side, banks were hurt again...down 2.4%.  Stocks with large losses yesterday lost yet again, but stocks with strong recent momentum also were burnt. 

The above trends are mixed as indicators of the next session.

May 19:  The Dow lost .3%, Nasdaq gained .1%.  Separation between groups was 5.5%.

Stocks trading well over their prime resistance levels were strongest today...up 2.5%.  Volatile stocks followed closely.  Stocks with large but not extreme losses (55-60%) over the last year outperformed.  Oils and mining issues fared well.

On the negative side, banks were punished...down 2.9%.  REIT's also lost in excess of the market. 

The above trends are actually fairly positive as indicators of the next session's direction...despite slight losses in the general market, there was plenty of evidence of a willingness to take risks.

May 18:  The Dow gained 2.9%, Nasdaq 3.1%.  Our own take on the market had it up 4.7%.  Separation between groups was 9.3%.

Stocks that closed well below their highs on Friday were strongest today...up 10.3%.  Stocks with big losses last week fared well today.  Volatile stocks outperformed.  Stocks with big gains over the last three months continued upwards.

We didn't identify any groups that actually lost money.  The worst of the lot were utilities, gaining a mere 1.1%.  Non-volatiles lagged.  Biotechs failed to impress...they've held up well during down spells, but have lagged during periods of positivity. 

The above trends are positive for the next session.

May 15:  The Dow lost .7%, Nasdaq .5%.  Our own take on the market had it down 1.4%.  Separation between groups was 4.6%.

Free agents were strongest today, gaining .3%.  Biotechs finished the day with gains.  Heavy industry resisted losses.  Stocks with big losses in the previous session held up well today.  Stocks with strong yearlong performances beat the market.

On the negative side, stocks that closed well above their lows in the previous session reversed...down 4.3%.  Stocks with large yearlong losses continued losing.  REIT's were punished.  Volatile stocks did not impress.

The above trends are negative for the next session.

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

We've got our data for the first half of the month of May.  Recent losses nearly negated some early gains, leaving the market up a mere .7% for the period.

Stocks with monstrous yearlong losses (at least 80%) were clearly the major winners...up an average of 20.5% over the ten days.  Volatile stocks and cheap stocks fared quite well.  Stocks that closed well below their highs on the last session of April gained nicely. 

On the negative side, stocks with short term averages well above longer term averages tended to lose in excess of the market...down as much as 5.5%.  Retails took some punishment.  Stocks with big gains over the last 3 months lost money.

May 14:  The Dow gained 1.5%, Nasdaq 1%.  Our own take on the market had it up 2%.  Separation between groups was 5.8%.

Stocks with large losses in the previous session were strongest today...up 5.8%.  Volatiles fared well.  Yearlong losers rebounded from a series of losses this week.

We only identified one group that lost money today...stocks that opened strongly on Wednesday lost a fraction of a percentage point.  Utilities went nowhere.  Non-volatiles failed to partake in the gains.  Expensive stocks did not impress.

Bearing in mind that Friday often reverses recent trends, the above trends are positive for the next session.

May 13:  The Dow lost 2.3%, Nasdaq 3%.  Our own take on the market had it down 5.1%.  Separation between groups was 10.3%.

We didn't identify any groups that actually gained today.  The best stocks were simply the least volatile, losing as little as 1.1%.  Stocks that closed near their highs in the previous session fared well.  Utilities avoided major losses.  Free agents outperformed.

The weakest stocks were those that have shown high recent volatility...down as much as 11.5%.  Stocks with strong performances over the last month were picked on, while stocks with massive yearlong losses suffered the same fate.  Volatiles lost in excess of the market.

The above trends are negative for the next session.

May 12:  The Dow gained .6%, Nasdaq lost .9%.  Separation between groups was 6%.

Stocks with moderate losses (5-9%) over the last three months were strongest today...up 1.4%.  Non-volatiles finished with small gains, as the Dow's performance would indicate.  Expensive stocks outperformed.

On the negative side, stocks with big gains over the last month reversed...down 4.6%.  Volatile stocks lost in excess of the market. 

The above trends are negative as indicators of the next session's direction.

May 11:  The Dow lost 1.8%, Nasdaq .5%.  Separation between groups was 6.7%.

Biotechs were by far the strongest group today...up 2.3%.  Stocks that closed near their lows in the previous session finished with decent gains today.  Small caps and cheap stocks gained.  Non-volatiles resisted big losses.  Semiconductors outperformed.

On the negative side, oils were weakest...down 4.5%.  Stocks with large gains over the last month tended to reverse.  Stocks whose motions are strongly tied to the motions of other stocks (a high "corr" value) underperformed the market.

The above trends are slightly negative for the next session; the general losses are discouraging, but we take heart in the strong performance of several groups that are generally regarded as risky.

May 8:  The Dow gained 2%, Nasdaq 1.3%.  Our own take on the market had it up 4.5%.  Separation between groups was 10.3%.

Stocks with big gains last Monday repeated the performance...up 10.9%.  Stocks with big yearlong losses weren't far behind.  REIT's prospered.  Volatiles fared well.  Yesterday's big losers reversed.

We didn't identify any groups that actually lost money.  Retails were clearly the weakest group, gaining a mere .6%.  Non-volatiles lagged.  Stocks with big yearlong gains couldn't keep up with the market. 

The above trends are positive for the next session.

May 7:  The Dow lost 1.2%, Nasdaq 2.4%.  Separation between groups was 6.8%.

Biotechs and medical device makers led the market today...up as much as .8%.  Utilities finished the day with slight gains.  Non-volatiles showed minimal losses.  Stocks that have underperformed the market over the last three months held up well today.

On the negative side, stocks that have strongly outperformed their best trading partners over the last month were weakest today...down 6%.  REIT's were punished.  Volatile stocks reversed their recent gains.

Bearing in mind that Friday often reverses Thursday's trends, the above trends are negative for the next session.

May 6:  The Dow gained 1.2%, Nasdaq .3%.  Separation between groups was 6.6%.

Once again, stocks with big losses over the last year led the market upward...up 5.3%.  Monday's big gainers performed strongly.  Not surprisingly, banks were strong.  Volatiles round out our list of winners.

On the negative side, retails failed to partake in the general positivity, losing as much as 1.3%.  Biotechs lagged as well.  Stocks that have held up well over the last year, losing no more than 20%, tended toward flatness.  Non-volatiles did not impress.

The above trends are positive for the next session.

May 5:  The Dow lost .2%, Nasdaq .5%.  Separation between groups was 7.6%.

Despite the reversal in the general market, stocks with big yearlong losses continued to prosper...up 4.5%.  Stocks with strong momentum over the last five days continued upwards.  Cheap stocks and volatiles fared well.

On the negative side, stocks whose motions correlate strongly with the motions of other stocks (a high "corr" value) lost 3.1%.  Banks fall into this category, so it's not surprising to see them losing 2.2% today.  REIT's did not impress either.

The above trends are slightly positive for the next session.

May 4:  Both the Dow and Nasdaq gained 2.6%.  Our own non-weighted take on the market had it up 4.9%.  Separation between groups was 11.4%.

Stocks with massive yearlong losses (at least 81%) were the clear winners today...up 12.6%.  Stocks that closed near their lows in the previous session showed powerful gains.  On the other hand, stocks with strong recent momentum also fared well.  REIT's led our industry groups.  Volatiles outperformed.

We didn't identify any groups that actually lost money.  Non-volatiles, not surprisingly, were weakest...up a mere 1.1%.  Stocks with relatively strong yearlong performances did not impress.  Utilities lagged.  Free agents round out the list of underperformers.

The above trends are positive for the next session.

May 2 (Sat):  We've got our belated data for the month of April.  Our own take on the market had it up a sweet 22%.  The major indices do not give equal weighting to small and large cap stocks, so don't expect them to show similarly positive results.

The strongest stocks were those with the biggest losses over the last year.  Choosing a basket of the top 4% of these losers would have resulted in average gains of 69.5%.  No joke!  Not surprisingly, other indicators of long term losses (e.g. stocks trading well under their prominent resistance levels) figured prominently in our tables of monthlong winners.  Volatile stocks fared well. 

We didn't identify any groups that actually lost money.  Non-volatiles, however, were extremely unimpressive, with gains as little as 2.4%.  Biotechs did not impress.  Expensive stocks underperformed.

May 1:  The Dow gained .5%, Nasdaq .1%.  Separation between groups was 6.7%.

Oils were strongest today...up 3.8%.  It has been awhile since we've seen them at the top of our "winners" table.  Stocks with big losses over the course of the last year (largely oils) fared well.  Cheap stocks and volatiles rounded out the list of strong performers.

On the negative side, stocks whose movements are strongly tied the movements of other stocks (a strong "corr" value) lost 2.9%.  Banks tend to fit into this category, so it's no surprise to seem them with comparable losses.  Insurers were weak.  Stocks with big losses on Monday lost again.

The above trends are positive for the next session.

Apr 30:  The Dow lost .2%, Nasdaq gained .3%.  Separation between groups was 5.6%.

A number of our proprietary indicators best predicted upward moves in the market with good significance...up as much as 3.1%.  Stocks with large gains this month continued upwards.  Quarter-long winners also fared well.

On the negative side, banks were burned again...down 2.5%.  Biotechs were weak. 

The above trends are neutral as indicators for the next session.  Still, being the beginning of a new month, the odds for a winning session improve.

Apr 29:  The Dow gained 2.1%, Nasdaq 2.3%.  Our own take on the market had it up a sweet 4.1%.  Separation between groups was 7.2%.

Stocks with big gains over the last month continued to prosper...up 8.6%.  Yearlong losers, on the other hand, also fared well.  Volatile stocks outperformed.  Stocks that closed well above their lows in the previous session beat the market.

We didn't identify any groups that actually lost money.  The weakest stocks were simply the least volatile, gaining as little as 1.4%.  Utilities lagged.  Expensive stocks underperformed. 

The above trends are positive for the next session.

Apr 28:  The Dow lost .1%, Nasdaq .3%.  Our own take on the market actually had it up .8%.  Separation between groups was a mild 4.4%.

Volatile stocks were strongest today...up as much as 2.8%.  Stocks with large losses or large high-close differentials in the previous session fared well.  Cheap stocks outperformed.

On the negative side, large caps were weak, losing as much as 1.5%.  Other negative trends fell into the realm of insignificance today.

The above trends are slightly positive for the next session.

Apr 27:  The Dow lost .6%, Nasdaq .9%.  Our own take on the market had it down 2.2%.  Separation between groups was 7.2%.

Stocks that finished flat last Tuesday were strongest today...up .5%.  Extreme small caps managed to close in positive territory.  Utilities and biotechs avoided losses.  Non-volatiles showed minimal losses.

On the negative side, last Tuesday's big gainers lost in a significant way...down 6.6%.  REIT's were punished.  Stocks with big gains over the last month reversed.

The above trends are negative for the next session.

Apr 24:  The Dow gained 1.5%, Nasdaq 2.5%.  Our own take on the market had it up 3.2%.  Separation between groups was 6.5%.

Stocks with big, if not extreme, gains over the last month were strongest today...up as much as 6%.  Volatile stocks outperformed.  Last Monday's big losers reversed.  Yesterday's big gainers tended to continue upwards.

We only identified one group (out of more than 1,000) that lost money today...stocks with particularly low recent volatility finished down .1%.  Utilities and insurers were weak.  Stocks that held up well last Monday underperformed today.

The above trends are positive for the next session.

Apr 23:  The Dow gained .9%, Nasdaq .4%.  Surprisingly, our own take on the market had it down .5% (small caps were weak).  Separation between groups was 5.9%.

Stocks whose movements are strongly tied to the motions of other stocks (a high "corr" value) were strongest today...up 2.6%.  REIT's showed nice gains.  Large caps outperformed.  Stocks with strong volume over the last two weeks beat the market.

On the negative side, stocks with high institutional ownership (relative to market cap) were weak...down as much as 3.3%.  Interestingly, stocks with very low institutional ownership also underperformed.  Small caps did not impress. 

The above trends are a bit schizophrenic as indicators for the next session, so we'll refrain from offering a prediction.

Apr 22:  The Dow lost 1%, Nasdaq gained .1%.  Our own take on the market had it up .6%.  Separation between groups was 7.5%.

Stocks trading well over their most prominent resistance levels were strongest today...up 4.6%.  Retails had a rare session near the top of our "winners" column.  Last Thursday's winners fared well. 

On the negative side, banks and insurers were weak, losing as much as 3%.  REIT's did not impress either.

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

Apr 21:  The Dow gained 1.6%, Nasdaq 2.2%.  Our own take on the market had it up 4.2%.  Separation between groups was 10.4%.

Stocks that closed the previous session well below their highs were strongest today...up a sweet 10.5%.  Last Wednesday's big gainers repeated the performance.  Stocks with big yearlong losses outperformed. 

We didn't identify any groups that actually lost money.  Free agents, however, were quite weak, gaining a mere .1%.  Non-volatiles showed minor gains.  Stocks that actually gained in the previous session did not impress today.  Utilities round out the list of underachievers.

The above trends are positive for the next session.

Apr 20:  The Dow lost 3.6%, Nasdaq 3.9%.  Our own take on the market had it down 6.3%.  Separation between groups was 11.5%.

We didn't identify any groups that avoided losses today.  The best of the lot were simply the least volatile...down as little as 1.7%.  Utilities held up well.  Stocks with gains or minimal losses over the last year avoided major losses.

The weakest stocks were those trading well over their 20 day averages...down a big 13.2%.  Volatile stocks were hit hard.  Stocks with big yearlong losses took another beating. 

Bearing in mind that our prediction system breaks down a bit in the face of large swings in the market, the above trends are negative for the next session.

Apr 17:  The Dow gained .1%, Nasdaq .2%.  Our own take on the market had it up 1.5%.  Separation between groups was 5.3%.

Stocks with large, if not extreme, losses over the last year were strongest today...up 4.6%.  Those with a series of nice gains over the last week continued upwards.  Volatile stocks outperformed.

On the negative side, stocks trading well below their weeklong averages lost .6%.  Non-volatiles failed to go anywhere. Stocks that have avoided large losses over the last year were flat.  As is often the case, winning and losing groups were mirror images of each other.

The above trends are positive for the next session.

Apr 16:  The Dow gained 1.2%, Nasdaq 2.7%.  Separation between groups was 5.3%.

Stocks with big gains last Friday were strongest today...up 6.2%.  Those with strong performances over the last month gained nicely.  Volatile stocks continued to outperform.

We didn't identify any groups that actually lost money.  The weakest stocks were those that performed poorly last Friday, gaining as little as .9%.  Non-volatiles lagged.  Utilities did not impress.  Large caps underperformed, as might be inferred from the Dow's relative weakness.

The above trends are positive for the next session, though Fridays do often reverse the dominant trends of the week.

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

We've got our data for the first half of April.  Our own take on the market had it up a hefty 13.3%.

Stocks with extreme losses over the last year (-85% or more...about 4% of the stocks in our database) gained very impressively...up 41.7%!  Volatile stocks also showed huge gains.

We didn't identify any groups that actually lost money.  Stocks with gains over the last year (only about 8% of our database) did not impress...up as little as 1%.  Biotechs lagged.  Non-volatiles couldn't keep up with the market.  Expensive stocks fared poorly.

Apr 15:  The Dow gained 1.4%, Nasdaq .1%.  Our own take on the market had it up 2.4%.  Separation between groups was 7.1%.

REIT's rebounded perfectly from yesterday's big losses...up 7.3%.  Naturally then, yesterday's losers also managed to outperform the market quite handily.  Volatile stocks outperformed.  Stocks with large yearlong losses also fared well. 

We didn't identify any groups that actually lost money.  Free agents were weak, gaining a mere .2%.  Stocks with strong yearlong performances did not impress.  Retails did not keep up with the market.

The above trends are positive for the next session.

Apr 14:  Both the Dow and Nasdaq lost 1.7%.  Our own take on the market had it down 2.9%.  Separation between groups was 8.1%.

Stocks with big losses in Monday's session were strongest today...up .8%.  Stocks with strong volume over the last two weeks finished with gains.  Oils stayed above water.  Non-volatiles avoided major losses.

On the negative side, REIT's were burned...down 7.3%.  Banks weren't far behind.  Monday's big gainers reversed. 

The above trends are negative for the next session.

Apr 13:  The Dow lost .3%, Nasdaq was flat.  Separation between groups was 6.5%.

Stocks that that opened on Thursday considerably higher than Wednesday's close were strongest today...up 5.1%.  Stocks with big yearlong losses tended towards strength.  Banks and insurance outfits outperformed.

On the negative side, utilities averaged losses around 1.4%.  Scientific instrument makers finished with losses.  Stocks with weak volume in the previous session underperformed.

The above trends are slightly positive for the next session.

Apr 9:  The Dow gained 3.1%, Nasdaq 3.9%.  Our own take on the market had it up a monstrous 6.7%!  Separation between groups was a big 14.4%.

Stocks with large, if not extreme, losses (between 78 and 84%) over the last year were strongest today...up 14.9%.  Stocks with extreme losses last quarter also made huge gains.  Volatiles fared well.  Tuesday's big losers reversed.  Oddly, no particular industry groups appeared in our list of winners (we would have expected to see banks or insurers standing out). 

We didn't identify any groups that actually lost money.  Relatively speaking, however, non-volatiles were quite weak...up a mere .5%.  Utilities lagged.  Expensive stocks did not impress.  Nor did stocks with good relative strength over the last year. 

The above trends are positive for the next session.

Apr 8:  The Dow gained .6%, Nasdaq 1.9%.  Separation between groups was 4.7%.

Last Thursday's big gainers were strongest today...up 5%.  Stocks that finished the last session well below their highs fared well.  Yesterday's big losers reversed.  Cheap stocks outperformed.

We didn't identify any groups that actually lost money.  Stocks with a high "leadership" value (those whose motions have a tendency to predict the following day's trends) performed weakly.  Non-volatiles lagged.  Stocks that closed near their highs in the previous session did not impress.  Expensive stocks underperformed.

The above trends are positive as indicators of the next session.

Apr 7:  The Dow lost 2.3%, Nasdaq 2.8%.  Our own take on the market had it down 3.6%.  Separation between groups was 6.4%.

Stocks with low recent volatility were strongest today...down 1%.  Utilities and medical technology stocks held up well.  Stocks that have performed weakly over the last month outperformed the market. 

REIT's led all losers...down 7.4%.  Last Friday's big gainers reversed.  Volatile stocks were punished.  Stocks with strong momentum over the last week underperformed the market.

The above trends are negative for the next session.

Apr 6:  The Dow lost .5%, Nasdaq .9%.  Our own take on the market had it down 1.6%.  Separation between groups was a mellow 4.1%.

Stocks with low book values (relative to stock price) were strongest today...up 1%.  Cheap stocks tended to finish with gains.  Stocks with a series of large losses last week reversed.   Stocks with heavy volume last Friday stayed above water.

On the negative side, banks lost 3.2%.  Stocks with large, if not extreme, gains over the last month underperformed the market.

The above trends are mixed as indicators of the next session's direction...the general losses are negative, but we did see some evidence of risk-taking, a positive sign.

Apr 3:  The Dow gained .5%, Nasdaq 1.2%.  Our own take on the market had it up 1.9%.  Separation between groups was 8.6%.

REIT's were strongest today...up 7.6%.  Stocks trading well below their 100 day averages fared well.  Volatile stocks gained nicely.  Tuesday's big winners repeated the performance.

On the negative side, biotechs were surprisingly weak...down 1%.  Non-volatiles were flat.  Yesterday's big losers showed minimal gains today.

The above trends are positive for the next session.

Apr 2:  The Dow gained 2.8%, Nasdaq 3.3%.  Our own take on the market had it up a massive 5.5%.  Separation between groups was 9.7%.

Stocks with big yearlong losses were strongest today, gaining an average of 11.2%.  Stocks with poor momentum broke out of their losing ways.  Volatile stocks performed well.  Monday's big losers reversed.

We didn't identify any losing groups today.  The weakest stocks were simply the least volatile...up 1.4%.  Biotechs lagged the market.  Utilities did not impress.  Stocks with big yearlong gains underperformed.

Bearing in mind that Friday often reverses the trends of prior days, the above trends are positive for the next session.

Apr 1:  The Dow gained 2%, Nasdaq 1.5%.  Separation between groups was 7.7%.

Stocks with big losses over the previous week were strongest today...up 7.1%.  Volatiles outperformed.  Stocks with big yearlong losses gained nicely.

Despite today's positivity, a handful of groups actually lost money.  The list was led by stocks that closed near their highs in the previous session...down .6%.  REIT's dipped.  Biotechs were flat.  Stocks with large yearlong gains failed to impress.

The above trends are positive as indicators of the next session.

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

We've got our data for the first quarter.  Despite nice gains in March, we had the market down 12.5% for the period.

Despite the general losses, some sweet gains were to be had.  Cheap stocks led the way, up 23.5%.  Small caps showed nice gains.  Stocks with big losses in December reversed.  Free agents outperformed.  Despite weakness in March, biotechs fared well.  Semiconductors round out our list of outperformers.

On the negative side, banks continued to suffer...down as much as 33.7%.  Stocks that entered January trading well over their 20 day averages were hurt badly.  REIT's continued to slump. 

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

We've got our data for the month of March.  We had the market up a nice 10.6% for the period.

Stocks with a high "perceived risk" (volatility divided by price) were strongest...up a massive 35.2%.  Stocks that entered the month trading well below their 100 day averages showed impressive gains.  Stocks with a strong February tendency toward gains in the afterhours faired well.  Cheap stocks and long term losers round out the list.

We didn't identify any groups that actually lost money.  REIT's were quite weak, however...up a mere 1.8%.  Non-volatiles lagged.  Utilities did not impress.  Expensive stocks underperformed.

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