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Favorable dynamic are intact, including demographic trend and increased use of generics.

With Small Cap stocks falling to an 11-month RS low while the DJIA hits a new price high, many technicians point to this divergence as evidence the dangerous "distribution" period is underway. We're not so sure.

DJIA eclipsed its year-end closing high; Dow Transports still strong; NYSE A/D Line hits all-time high.

Info Tech and Health Care have been the highest rated sectors for 10 consecutive months. Energy sector is improving from the bottom of the rankings.

Small Cap weakness has many concluding that the terminal distribution phase is underway. We think that is a stretch.

Global AdvantHedge up 1.67% in April; AdvantHedge -0.01%

Select Industries bought Oil & Gas Refiners; Global Industries bought Emerging Diversified Banks.

We expect the 245-250 barrier to be tested, and if it is decisively broken, much lower yields could be in the cards.

Both Portfolios ahead of their all-equity benchmarks YTD.

This does not only apply to stocks, it applies to just about all risky assets.

While Momentum continued to struggle and Value surged, the Size factor played a much larger role as Small Caps were hit hard in April.

Initial Q1 Earnings Well Below Average.

Small Caps are selling at a 19% valuation premium relative to Large Caps (23% last month).

In April, Large Cap Value widened its YTD outperformance over Large Growth to 730 bps.

Market Cap has been slightly better than equal the past two months.

The Major Trend Index fell 0.04 to 1.15 in the week ended April 25th, driven largely by a moderate loss in the Momentum/Breadth/Divergence category.

With the exception of domestic equity ETFs, all broad fund categories experienced net cash inflows this week

The Major Trend Index extended its bullish streak in the week ended April 18^th, rising 0.02 to a level of 1.19.

Both bond mutual funds and domestic equity mutual funds experienced net cash outflows this week. Domestic ETFs also had a rough week in terms of net cash flows, especially the large cap genre.

The Major Trend Index rose 0.02 to 1.17 in the week ended April 11th, resulting mostly from another weekly gain in the Attitudinal category.