So, it’s really “I Got the World on A String”, a hit song sang by Frank Sinatra. Some feel like the current market and its wild swings, often prompted by the guy who has the world on a string, is like “sittin’ on a rainbow.”

Others feel that the guy who “can make the rain go, anytime he moves his finger”, is more like “what a world!” Rainbows or torrents, last week the market rattled both the bull’s and the bear’s nerves.

Stocks such as Roku, the company that manufactures digital media players, had nothing but rainbows as it soared to new all-time highs.

So did Costco (COST), Aetna (AET), Union Pacific (UNP), Eye Opticals (EYE), an optical retailer, and O’Reilly Automotive Parts (ORLY).

Whereas Applied Materials (AMAT) and Randgold Resources Limited (GOLD) had nothing but rain, as they made new all-time lows.

Companies like Ford Motors (F) and JC Penney (JCP) made new multi-year lows.

And, some of the best multi-year performers were in the cannabis industry. One example is Canopy Growth (CGC).

Other multi-year high performers were Kohl’s (KSS), Advance Auto Parts (AAP) and Ulta Beauty Inc. (ULTA).

I wish I could give you a discernible pattern of what is weakest versus strongest, but as Sinatra crooned, if I could “I’d be a silly so and so..”

Looking at the macro picture, the week ended negatively in all the indices. Most striking is the contrast between how NASDAQ and the Russell 2000 did last week versus the week before. Both made new all-time highs 2 weeks ago and sold off sharply last trading week. However, neither changed phases to warning, although QQQ is close.

In the Modern Family sectors, Semiconductors (SMH), did change phases, ending the week in an unconfirmed warning phase. It needs to close a second day under the 50 daily moving average to confirm.

Nevertheless, it’s not panic time yet. SMH has not closed-key word closed-under the 50-week moving average since May 2016. That level to watch for this week is around 103.60. Plus, the indices and the rest of the Family are in Bullish phases.