The overall trend for energy stocks remains up, but last week proved rough as defensive issues took the lead. If Treasuries begin rallying here and lumber keeps pulling back, we could get the strongest risk-off signal of this entire correction. Treasuries are starting to build a little momentum finally.

I still think the latest run in utilities that goes back to last year is a bit overdone. As the economy creeps closer to recession and the Fed continues to push rates sharply higher, I’d expect dividend stocks to continue enjoying relatively favorable investor interest. Small-caps were especially volatile last week during the Fed-induced whipsaw.

The market seems to have digested the initial reaction to the Russian invasion of Ukraine and we could start to see things settle down here. We could be seeing the start of a turnaround in utilities stocks here. Will nothing stop the surge in the dollar?