WEEKLY RESEARCH: Weekly Insider Data and Commentary files were last updated on Sunday, February 17th 2019, with data as of the Friday, February 15th 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 remains Bearish at -1.  On a price performance basis, at the ETF Sector level, Energy, and Industrials outperformed.  Utilities, and Real Estate, lagged.   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 February, 2019 edition of Market Profile Theorems was run based on the data close-out of Friday, February 1st, 2019. Your specific monthly data files were pushed to you on Sunday, February 3rd, 2019.  WEB site data (Workbook section) were available on Sunday at 11:30 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, February 7th. 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 February. Our universe of coverage is 4,013 issues.

GENERAL COMMENTARY: For the second consecutive month, the February asset allocation projection carries a Small-Capitalization bet, and favors Growth.  MPT bottom-up model performance, relative to the S&P 500, was excellent in January.  The aggregate top-down model remains Bearish at "-1" this week, with the Technical Model contributing more to the Bearish outcome in dropping to score "-3."  The tenor of the Top-down Earnings Model (+0.78) degraded more dramatically last week, continues to trend lower and remains Bearish, with reduced optimism for longer-term earnings and GDP numbers.  GDPNOW Q4, 2018 estimate collapsed to 1.5%.  The second Commerce Department Q3 estimate came in at 3.5%.  Yields were higher, with spreads falling to 14 bp (2 to 10 year).  See the weekly Insider Commentaries, and the monthly Strategist, (Green Book) for further details and interpretation.  The Dollar, (96.74), continued recent strength.  It experienced a cycle peak approaching 98 in 2018.  Gold tested short-term support, then  closed higher at $1322.10.  The base here appears substantial.  It remains a long-term buy, and we expect 2019 to show even more strength.  However in the short-term Gold remains in an overbought condition.  $1550 remains our target high, longer-term, in 2019.  Inflationary Forces are mixed with CPI below expectations and a last GDPNOW "sticky" Inflation number higher at 2.5%.  Still, Wage Inflation is spiking higher with two consecutive months of +3% gains, and is 1/2 of the inflation equation.

The Market Cycle, in terms of MPT's "Market Clock," remains at 1:00 - and in an early accumulation phase.

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