Health and Materials are down in the 30% BPI zone.  Not a Buy yet, but headed in that direction.  So far no new Buy recommendations as of 8/1/25.  

I plan to update the BPI spreadsheet tomorrow to make sure I am not missing any BPI revisions.  With the president moving submarines and threatening to fire the labor statisticians since the employment numbers are low, the market moved lower by nearly 1.25%.  If this behavior continues expect to see a lower market next week.

This is the type of "leadership" I expected and why I am playing the cautious game and investing in U.S. short-term treasuries.  

Expect to see more thoughtless moves over the next three plus years.

Lowell