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[PIK.]

Leadership among certain sectors is something I continue to assess in order to understand the strength or weakness of the overall market trend and risks associated with my positions. Several weeks ago technology was highlighted as a pocket of strength. Currently, the retail sector also shows excellent relative strength vs the overall market. It has exhibited solid longer term outperformance and since the start of 2012 has accelerated that leadership as price makes new highs. An important sector showing retail is healthy. Not withstanding any shorter term pullbacks, the longer term chart gives a good picture for the current health of the sector and supports the current uptrend. Click on chart to enlarge

Edited by PIK., 10 March 2012 - 06:04 AM.