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Registered Investment Adviser Caleb Lawrence

The major averages shrugged off their early losses to enter the final hour about even on little real news. Import prices advanced .5% in April, on a year ago basis prices slipped again dropping to 4.1%. Export prices increased .2% for the month and 3% from a year ago. With the primary driver in prices oil and related products based on current data price pressures should slip notably with the May releases.

The Standard and Poors 500 following in the NASDAQ’s footsteps and channeling 1999 also shows a marked narrowing of market breadth and participation as the indexes gains are being primarily driven by just 5 companies Facebook, Apple, Amazon, Netflix, and Google. In fact looking at the index shows that without these 5 companies it has actually declined since the beginning of March. It’s been said that history doesn’t repeat, but it does often rhyme.

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