US markets: After a couple of months of choppy trading – which could easily have been interpreted as a topping formation, it is starting to look more like a consolidation period before the next leg up.

Several sectors that are not always correlated have broken out or appear to be on their way: Retail, Semiconductors, Forestry, Agriculture, Healthcare, Homebuilders. Several others are in potential bottoming formations: Rare earths, Precious metals, Oil services, Steel, Junk bonds.

Big picture: the bull is still alive – check back in May.