Food, energy and water are all categories that are showing good relative strength within the marketplace. 

The American Association of Individual Investors has published its latest sentiment survey and it shows a sharp decline in bullish consensus, well below the lows in mid-February. 

In my estimation, the selloff in technology stocks has driven this category to highly oversold levels that probably largely bake-in the impact of higher interest rates on this aggressive growth sector.

Stock market trends are reflecting a war time theme. 

Last week’s market behavior was characterized by a great deal of flip flopping between growth and value. 

The Dow and the Nasdaq getting some technical traction at their respective support areas. 

Yesterday’s most significant news for the stock market was the release of the Fed Minutes in which they outlined how they intend to taper. 

Yesterday’s market action was a flip flop from the previous session with the Dow considerably outperforming the Nasdaq. 

Yesterday’s 1.9% gain in the Nasdaq eclipsed gains in other major indices, including the Dow which was up just 30 basis points.