The rally in stocks continues to be unstoppable while people like me continue to bite their nails and worry.

The short-term uptrend is being confirmed by the bullish percents.

Junk bonds also continue to confirm the uptrend. 

The cumulative net Advance/Declines and the cumulative net Up/Down volume are confirming.

The Leader List

The leader list continues to grow, but I want to limit it a reasonable number. So I have to start dropping the weakest ETFs from the list even though they might still be showing strength.

This is why Financials and Pharmaceuticals are being dropped.

Gold is showing some strength, although this is a messy looking chart. I’m not a buyer yet.
 

There has been a lot of talk about Energy finding a bottom, but it is still trapped under the 50-day.
 

Is Oil breaking the cycle of lower lows, lower highs? If so, it still needs a little bit of work.
 

I imagine this is the chart that has Energy and Gold investors so encouraged. The dollar is just so weak!
 

Outlook

John Murphy has pointed out that it has been a year since the market has experienced a 5% correction so it is overdue for a pullback. He also points out that we are entering the risky time of the year for market corrections.
 

The long-term outlook is positive.
The medium-term trend is up.
The short-term trend is up as of July-12.