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I continue to see the US stock market as being attractive, technically speaking, and do not feel sufficient risk is there to warrant a selloff at this time. While price action has been choppy over the last couple weeks, there remain precious little other evidence with regards to frothy speculation to excessive valuation measures that would warrant a major selloff.  Rallies up to SPX-5350-5400 look likely over the next couple weeks before even minor consolidation gets underway.  Treasury yields and US Dollar should have limited upside after this bounce, and both look close to rolling over.

Tuesday’s late day rally in both Treasuries and Equities helped to eliminate much of the early day weakness and by end of day, SPX had risen to multi-day highs while TNX had dropped nearly 7 bps on the day.

Most of the early Semiconductor weakness was reversed, and the Philly Semiconductor index ($SOX) rose by nearly 1%.  Meanwhile, sector-wise, Materials, REITS, Communication Services, Healthcare and Technology all rose by more than +0.50%

Healthcare’s weakness over the past couple weeks has certainly proven important as a minor negative for SPX performance, given that this sector is the second largest withi...
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