Food & Beverage 2023-09-15: Unchanged at WEAK strength rating (6th strongest of 9 levels), previous move was DOWN

SUMMARY Performance Bottom line: flat/slightly declining for the past 10 weeks Context: weakening recently vs. YTD - 42% positive stocks YTD - 30% positive stocks past 4 weeks Background Largest of 8 sub-industries (67 stocks total): - 23 stocks Processed & Packaged Goods - 9 stocks Beverages - Soft

Consumer Non-Durables 2023-09-15: Unchanged at WEAK strength rating (6th strongest of 9 levels), previous move was DOWN

SUMMARY Performance Bottom line: weakening for the past 5 weeks Context: weakening recently vs. YTD - 50% positive stocks YTD - 41% positive stocks past 4 weeks Background Largest of 8 sub-industries (80 stocks total): - 19 stocks Packaging & Containers - 17 stocks Textile - Apparel Clothing - 12

Consumer Durables 2023-09-15: Unchanged at AVERAGE strength rating (5th strongest of 9 levels), previous move was DOWN

SUMMARY Performance Bottom line: flat for the past 4 weeks Context: weakening recently vs. YTD - 56% positive stocks YTD - 44% positive stocks past 4 weeks Background Largest of 9 sub-industries (41 stocks total): - 10 stocks Home Furnishings & Fixtures - 5 stocks Housewares & Accessories 10 Biggest

Real Estate 2023-09-15: UP 1 to AVERAGE strength rating (5th strongest of 9 levels), previous move was DOWN

SUMMARY Performance Bottom line: net flat the past 10 weeks Context: strengthening recently vs. YTD - 46% positive stocks YTD - 66% positive stocks past 4 weeks Background Largest of 8 sub-industries (190 stocks total): - 51 stocks REIT - Diversified/Industrial - 34 stocks Property Management/Development - 27

Insurance 2023-09-15: Unchanged at STRONG strength rating (4th strongest of 9 levels), previous move was UP

SUMMARY Performance Bottom line: up over the past 3 weeks, no change over the past 10 weeks Context: same recently vs. YTD - 66% positive stocks YTD - 65% positive stocks past 4 weeks Background Largest of 5 sub-industries (89 stocks total): - 53 stocks Property & Casualty Insurance -

Financial Services 2023-09-15: Unchanged at AVERAGE strength rating (5th strongest of 9 levels), previous move was DOWN

SUMMARY Performance Bottom line: down over the past 6 weeks Context: slight weakening recently vs. YTD - 66% positive stocks YTD - 61% positive stocks past 4 weeks Background Largest of 5 sub-industries (129 stocks total): 48 stocks Asset Management 40 stocks Diversified Investments 10 Biggest Market Cap stocks: MS,

Banking 2023-09-15: Unchanged at WEAKER strength rating (7th strongest of 9 levels), previous move was DOWN

SUMMARY Performance Bottom line: down over the past 5 weeks Context: slight strengthening recently vs. YTD - 13% positive stocks YTD - 23% positive stocks past 4 weeks Background Largest of 9 sub-industries (283 stocks total): - 96 stocks Regional - Northeast Banks - 34 stocks Regional - Mid-Atlantic Banks

Market Thought from Outer Space: Be uncertain when others have conviction and have conviction when others are uncertain

Following up the "trend following without risk management" thought in this post about LTBH (Long Term Buy & Hold), this concept is a riff on the famous Warren Buffett quote "be fearful when others are greedy and greedy when others are fearful." Say what? What will

Telecommunications 2023-09-14: Unchanged at "WEAK" strength rating (6th strongest of 9 levels), previous move was DOWN

SUMMARY Performance Bottom line: effectively flat for 10 weeks (1 week up/down 10 and 8 weeks ago) Context: slight strengthening recently vs. YTD - 38% positive stocks YTD - 48% positive stocks past 4 weeks Background Largest of 5 Sub-industries (50 stocks total): - 25 stocks Communication Equipment -

Internet 2023-09-14: Unchanged at "AVERAGE" strength rating (5th strongest of 9 levels), previous move was DOWN

SUMMARY Performance Bottom line: effectively flat for 10 weeks (1 week up/down 10 and 5 weeks ago) Context: slightly weaker recently vs. YTD - 68% positive stocks YTD - 63% positive stocks past 4 weeks Background Largest of 3 Sub-industries (41 stocks total): - 32 stocks Internet Information Providers

Electronics 2023-09-14: Unchanged at "AVERAGE" strength rating (5th strongest of 9 levels), previous move was DOWN

SUMMARY Performance Bottom line: 4 weeks flat after weakening 2 levels in 2 weeks Context: slightly weaker recently vs. YTD - 66% positive stocks YTD - 50% positive stocks past 4 weeks Background Largest of 8 Sub-industries (122 stocks total): - 24 stocks Diversified Electronics - 23 stocks Semiconductor Equipment

Software 2023-09-14: -1 to "AVERAGE" strength rating (5th strongest of 9 levels), previous move was UP

SUMMARY Performance Bottom line: 7 weeks alternating between 5th/Average and 4th/Strong levels Context: slightly weaker recently vs. YTD - 70% positive stocks YTD - 63% positive stocks past 4 weeks Background Largest of 8 Sub-industries (201 stocks total): - 94 stocks Application Software - 48 stocks Business Software

Computer Hardware 2023-09-14: Unchanged at "AVERAGE" strength rating (5th strongest of 9 levels), previous move was DOWN

SUMMARY Performance Bottom line: flat for the past 5 weeks Context: steady performance recently vs. YTD - 66% positive stocks YTD - 66% positive stocks past 4 weeks Background Largest of 6 Sub-industries: Networking & Communication, Computer Peripherals 10 Biggest Market Cap stocks: AAPL, CSCO, PANW, ANET, CDW, HPQ, NTAP,

Transportation 2023-09-13: -1 to "WEAK" strength rating (6th strongest of 9 levels), previous move was also DOWN

SUMMARY Performance Bottom line: WEAKENED 3 levels over the past 5 weeks Context: WEAKER recently vs. YTD - 61% positive stocks YTD - 24% positive stocks past 4 weeks Background Largest of 7 Sub-industries: Shipping, Trucking, Air Delivery & Freight Service 10 Biggest Market Cap stocks: UPS, UNP, CNI, CP,

Automotive 2023-09-13: -1 to "WEAK" strength rating (6th strongest of 9 levels), previous move was DOWN

SUMMARY Performance Bottom line: WEAKENED 3 levels over the past 6 weeks Context: WEAKER recently vs. YTD - 61% positive stocks YTD - 40% positive stocks past 4 weeks Background Largest Sub-industries (4 total): Auto Parts, Major Manufacturers 10 Biggest Market Cap stocks: TSLA, TM, RACE, STLA, HMC, F, GM,

Energy 2023-09-12: Unchanged at "STRONG" strength rating (4th strongest of 9 levels), previous move was DOWN

Bottom line: Energy has generally been flat for the past 10 weeks, even with recent oil price increases. Key stocks: XOM, CVX, TTE, COP, BP, PBR, SLB, EQNR, EOG, CNQ (top 10 by market cap). Context: The industry has seen 65% positive stocks YTD, improving from that high number to

Materials/Construction incl. Homebuilders 2023-09-12: Unchanged at "STRONG" strength rating (4th strongest of 9 levels), previous move was DOWN

Bottom line: Materials & Construction has generally been flip-flopping over the previous 3 weeks before settling down this week. Key stocks: WM, CARR, RSG, DHI, WCN, LEN, FAST, PWR, VMC, MLM (top 10 by market cap). Context: The industry has been 87% positive YTD, falling dramatically to only 25% positive

Metals/Mining 2023-09-12: Unchanged at "AVERAGE" strength rating (5th strongest of 9 levels), previous move was UP

Bottom line: Metals & Mining has generally been up over the past 4 weeks but down over the past 6 weeks, and flat over the past 10 weeks. Key stocks: SCCO, FCX, NUE, NEM, GOLD, FNV, AEM, TECK, WPM, STLD (top 10 by market cap). Context: The industry has been

Utilities 2023-09-11: Unchanged at "WEAKER" strength rating (7th strongest of 9 levels), previous move was DOWN

Bottom line: Utilities has been flat for the past 3 weeks. Key stocks: NEE, SO, DUK, SRE, EXC, AEP, D, PCG, XEL, ED (top 10 by market cap). Context: The industry has been at only 17% positive YTD, slightly improving to 21% positive over the past month. One week, YTD,

Media 2023-09-11: Unchanged at "WEAK" strength rating (6th strongest of 9 levels), previous move was DOWN

Bottom line: Media has generally been weakening over the past 6 weeks. Key stocks: CMC, DIS, SPGI, CHTR, SPOT, FWONA, LYV, LBTYK, SIRI, FOXA (top 10 by market cap). Context: The industry has been 51% positive YTD, declining significantly to only 12% positive over the past month. One week, YTD,

Leisure 2023-09-11: Unchanged at "WEAK" strength rating (6th strongest of 9 levels), previous move was DOWN

Bottom line: Leisure has generally been falling for the past 6 weeks. Key stocks: MCD, SBUX, MAR, CMG, HLT, LVS, YUM, RCL, YUMC, QSR (top 10 by market cap). Context: The industry has been 62% positive YTD, dropping significantly to only 18% positive over the past month. One week, YTD,

Health Services 2023-09-11: Unchanged at "WEAK" strength rating (6th strongest of 9 levels), previous move was DOWN

Bottom line: Health Services has generally been falling over the past 6 weeks. Key stocks: UNH, TMO, ABT, SYK, MDT, ELV, ISRG, CI, BSX, BDX (top 10 by market cap). Context: The industry has been 45% positive YTD, falling to only 16% positive over the past month. One week, YTD,

Diversified Services 2023-09-11: Unchanged at "AVERAGE" strength rating (5th strongest of 9 levels), previous move was DOWN

Bottom line: Diversified Services has been flat for the past month. Key stocks: V, MC, FI, MCO, CTAS, PAYX, VRSK, GPN, URI, SBAC (top 10 by market cap). Context: The industry has been 56% positive YTD, falling to only 30% positive over the past month. One week, YTD, and one

Software 2023-09-08: -1 to "AVERAGE" strength rating (5th strongest of 9 levels), previous move was UP

Bottom line: Software has generally been treading water for the past 5 weeks. Key stocks: ORCL, ADBE, ACN, CRM, INTU, IBM, NOW, UBER, ATVI, VMW (top 10 by market cap). Context: The industry has been more than 70% positive YTD, dropping to only 49% positive over the past month. One

Electronics 2023-09-08: -1 to "WEAK" strength rating (6th strongest of 9 levels), previous move was also DOWN

Bottom line: Electronics has generally been weakening for the past 6 weeks. Key stocks: NVDA, TSM, AVGO, AMD, INTC, TXN, AMAT, LRCX, ADI, MU (top 10 by market cap). Context: The industry has been nearly 2/3 positive YTD, dropping to only 30% positive over the past month. One week,