From Chief Investment Officer Tom Veale,
“The time since the start of the Coronavirus wave that swept through most of the continents has felt like an assault on Mount Olympus. A quick check of the Olympic Banners in Tokyo reminds us we lost a year to that virus. They read 2020, not 2021.
Looking at the Market Risk Indicator’s rather wild ride over that same period shows another aspect of the pandemic. We see the deep valley at the start followed by a massive tide reversal of money rushing back into the market. It was confusing, to say the least.

In the meantime there have been plenty of Gold Medals passed out to the Dow 30, S&P 500 and NASDAQ Composite for New Record Highs – including last week’s close.
Best regards,
Tom
The MRI comes in again this week at 38 while the MRI Oscillator dropped to zero. Interest rates from 13 week to 10 year Treasuries remained unchanged last week and historically very low.
The improved trading late in the week helped to improve the market breadth with about even advancing issues and decliners. New 52 week Highs and Lows were both above 5% of total issues which gives a feel for the lack of consensus by short term traders.”