Hello and happy Sunday, hope you had a good weekend! Here's the weekend newsletter recorded in both video format and standard newsletter form with the URL's

Youtube Video of Wednesday's Newsletter May 21st, 2023    - watch in full 1080 resolution on tablet or desktop NOT your phone

Weekend Newsleter standard Webpage Format  - contains all the dynamic chart links

Last week the market finally broke out of a tight range it was trading in and closed positive for the week with Friday OPEX being a choppy consolidation week; the week closes as follows: SPX + 1.65%, NDX +3.5%, Russell 2000 +2%. Out of the 21 sectors we follow more were up than down (+14 vs -7 down), however as you can se it was not a broad based rally. The US Dollar gained 0.6% for the week resulting in a down week in precious metals and gold stocks (matching our analysis from a few weeks back), the energy area was strong while agriculture commodities were weak. Last wee saw a continued sell off in TLT 20-year bonds and a rally in the 10/30 year yields. 

Key Takeaways:

- The market is in an uptrend and price action is king. That said we must continue to be aware that a handful select number of stocks are carrying this market and that is not sustainable. You can clearly see this behavior in the breadth indicators such as the NYAD Advance Decline, and # of new highs.

- Another concern is the lagging HYG high yield corporate bonds, most of the time they move with the SPX but they are lagging. 

- We've seen a nice correction in precious metals and GDX (which we called for several weeks ago and is playing along with weak seasonality for this group. Short-term they are oversold and we'll see if a bounce ensue. 

- The energy stock area got oversold early last week and rallied off long term supports. Still an area I like some of the fundamentals on.

News This Week: PMI Tuesday, FOMC minutes Wednesday, PCE on Friday (and of court Debt Ceiling BS)

KISS Google Spreadsheet Table

KISS STS Tables for Indexes, ETF's, Stocks - check your stocks and ETF's to see where they are suggesting smart trailing stops if long.

Matt