WEEKLY RESEARCH: Weekly Insider Data and Commentary files were last updated on Sunday, April 14th 2019, with data as of the Friday, April 12th SEC closeout. Please review your Commentary File for particulars. The Insider portion of the Workbook section of the Website was populated with new weekly data and e-mail versions were distributed as well. (Data for all companies, and broad strategy commentary highlights) The Insider Commentary file of the past weekend includes an updated, thumbnail Strategic view of the Markets from the top-down perspective of all models. MPT Top Down View Bearish at -2.  On a price performance basis, at the ETF Sector level, Energy, and Financials (2nd week) outperformed.  Healthcare, and Materials, lagged.   Energy, Basic Materials, and Aerospace/Defense remain Over-weights.  The Market cannot be viewed as a singular snapshot, but operates as a dynamic, moving picture. Employing MPT research to follow and anticipate the most probable trend features and changes is an important aspect of the research.

MONTHLY RESEARCH: The April, 2019 edition of Market Profile Theorems was run based on the data close-out of Friday, March 29th, 2019. Your specific monthly data files were pushed to you on Sunday, March 31st, 2019.  WEB site data (Workbook section) were available on Sunday at 10:40 PM, and included refreshed Probability Plots, Screening features, and Files located in the monthly File Download section of the Web-site. The Strategy notebook should have arrived on Thursday, April 4th. If you did not receive your files, or the notebook by the dates indicated, please contact us.  Reach us by e-mail or call 206-890-6789 if you wish to schedule a conference call in April. Our universe of coverage is 3,995 issues.

GENERAL COMMENTARY: For first month in 4. the April asset allocation projection carries no clear Capitalization bet, and favors Value over Growth.  MPT bottom-up model performance, relative to the S&P 500, was poor in March.  The aggregate top-down model is Bearish at "-2" this week, with the Technical Model contributing to the Bearish outcome, scoring "-3."  The tenor of the Top-down Earnings Model (+3.42) improved in absolute terms, and has changed the trend to Neutral (from Bearish).  It is now more constructive on term earnings and GDP numbers for 2019.  The final reading on the economy for Q4 of 2018, was lowered a GDP of 2.2% - from 2.6%.  The GDPNOW Q1, 2019 estimate rose again last week to 2.3%.  Yields were again higher, with spreads remaining narrow, but stable, at 16 bp (2 to 10 year).  See the weekly Insider Commentaries, and the monthly Strategist, (Green Book) for further details and interpretation.  The Dollar slipped again to (96.07).  It experienced a cycle peak approaching 98 in 2018.  Gold was flat at $1295.20.  The base here appears substantial, and any additional weakness should be bought into.  It remains a long-term buy, and we expect 2019 to show more strength.  $1550 remains our target high.  Inflationary Forces are more focused toward higher, with the release of March PPI and CPI data, price pressures, and already established wage Inflation spiking higher with two consecutive months of +3% gains.

The Market Cycle, in terms of MPT's "Market Clock," remains at 2:00 - and in an accumulation phase.

Top-Down Look Back: Equity selection for the trailing 36 Months has been excellent.