The stock market continues its Goldilocks behavior of not too hot and not too cold. Two steps up and half or one step back. On Monday, markets were a little too warm early on and that should lead to a little cooling over the coming week or so. It should be just another small pullback in an ongoing uptrend in the context of major bull market. Until proven otherwise, any and all weakness is a buying opportunity.

On the sector front, I can certainly make the case that the three key sectors look okay over the intermediate-term, but want to digest right now. Banks continue their year long consolidation while the transports have done the same thing for five months. Semiconductors just recently peaked and seem poised to lead the next leg higher during the second quarter.

Meanwhile, the U.S. dollar has pulled back in an orderly fashion at the same as long-term bonds have quietly regained almost two thirds of the first quarter’s loss. Looking out beyond the short-term, all is reasonably well.

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Paul Schatz

Paul Schatz is President and Chief Investment Officer of Heritage Capital, LLC, in Woodbridge, CT. and a Managing Partner at Numetrix Capital, an investment research firm focused on multi-manager, multi-strategy portfolio solutions.

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