The stock market is bullish

The stock market has roared higher and is now bullish. Even the Nasdaq, filled with so much technology, has gone up well past the sideways area that prices were in during  most of March.

Our Market Sector Report reveals a few positive things: energy dropped as the price of gasoline and heating oil has dropped, Automobiles and Retailing increased in relative strength. Basic materials dropped by a huge 5% in relative strength in April mirroring a lack of pricing power in the economy. As the stock market has gone higher, defensive stocks have suffered with utilities the only exception.

Here is the relative strength chart of energy:


Here is the relative strength chart of retailing:


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