Tech continues to lead the newly rediscovered growth rally higher along with the communication services sector. The rebound in the dollar continues as the idea that the government will provide enough financial support to get us to the other side of the coronavirus pandemic builds. Treasuries have mostly remained resilient throughout the equity bull market, but it’s looking like that multi-decade bond bull market may be sunsetting.

After six months of consistent underperformance, consumer staples finally show a little life. Dividend stocks mostly held tough despite the weakness in cyclicals that tend to be overweight in these portfolios. Euro financials matched the underperformance of U.S. financials as cyclicals worldwide lagged.

Last week was huge for the tech sector, although the gains might be based on speculation more than anything. The utilities/S&P 500 signal looks like it could turn risk-off at any time and with Treasury prices slowly moving higher again, there’s some momentum for a bit of a defensive shift here. Lumber prices snapped back almost as quickly as they fell in recent weeks, while gold prices continue to remain relatively flat.