Update Cinco de Mayo

The Nasdaq fell to its 50-EMA on 04 May. It has been the lagging index since the correction ended.  May has begun with 2 days of selling, especially in growth stocks. Technically, the weekly Nasdaq is forming a broad range (ABC) pattern, and we may see continued lack of performance in the index. The S&P is weakening and closed below its 10-SMA. The main message is to be cautious as we head into the summer months; profit taking is occurring. We may not see strong bullish conditions for a few months.

Portfolio: ICHR was stopped out with +5.4% gain on 50% of shares to close the position. QCOM could get stopped out if it declines further. Stops are adjusted on YETI and FCX.