The Portfolio Selector features the Argus Focus List, a group of 30 "best idea" stocks generated and regularly updated by Argus' analysts and investment policy committee. It also includes the director of research’s monthly investment strategy column, stock recommendations and sector picks, economic forecasts, and an asset allocation model. This month, the Focus List additions are Monster Beverage Corp. (MNST); Restaurant Brands Intl In (QSR); General Dynamics Corp. (GD); HCA Healthcare Inc (HCA) and the Focus List deletions are Peloton Interactive Inc (PTON); Clorox Co. (CLX); Lockheed Martin Corp. (LMT); Regeneron Phars, Inc (REGN).

Monday was yet another strange day. But maybe we should start calling these days normal, as they have happened many times since November. The Dow Industrials finished flat, while the Nasdaq and the Nasdaq 100 (QQQ) got clocked by 2.6%. Small-caps were also hit hard, with the Russell 2000 (IWM) falling 2.6%. The S&P 500 declined 1% and the S&P Mid-Cap 400 fell 1.2%. For most of the day, market breadth was not bad and finished at -1,084, which is not horrible.

With April winding down, you can count on someone, somewhere saying, 'sell in May and go away.' That pronouncement is mainly popular because it rhymes. While it is true that summer is typically a period of relative underperformance, market timing rarely works. And sometimes summer is a good time for stock performance.

Last week, we talked about short- to long-term bonds based on a daily chart analysis. Stepping back (always good to do now and then) and looking at a monthly chart, we note with awe the (we think) longest bull market in history. Interestingly, Treasury yields tend to move in very long cycles, with the prior run-up in yields lasting from 1946 to 1981 -- when the 10-year rose from about 2% to 16%.

Last week was a wild affair, as major stock indices saw multiple reversals. After Friday's surge, the S&P 500 actually made a very marginal (less than 1 point) all-time high, though many other indices are still in short-term downtrends.

Even with indices bobbing around all-time highs, the stock market continues to meander and has not gotten much done of late. That said, successful rotation has kept breadth strong. Most stocks are trading above their long-term support. In the near-term, though, the market is showing some wear and tear.

With 2.5 months of 2021 in the books, let's see how U.S. markets are stacking up against foreign markets. In past comparisons, foreign markets have been lagging -- and in some cases, badly. The S&P SmallCap 600 is leading in 2021, with an almost 25% gain. No surprise, the Russell 2000 (IWM) is next, jumping 20%. The S&P 400 (MidCaps) has popped 16.5%, while the Dow Transports added 14%. This combination of strength is quite different from recent years.

Stocks fluctuated on Friday morning amid continued inflation concerns, a day after Thursday's sharp selloff. The Commerce Department reported that consumer spending rose 2.4% in January after declining in December, helped by government pandemic relief checks and a reduction in new coronavirus cases. The Dow fell 1.0%, the S&P fell 0.1%, and the Nasdaq rose 0.6%. Crude oil traded near $62 per barrel, while gold fell $44 to $1731 per ounce.

Stocks continued to fall on Tuesday morning, led by the Technology and Consumer Discretionary sectors, as investors weighed congressional testimony from Fed Chair Jerome Powell. In remarks prepared for the Senate Banking Committee, Mr. Powell noted that the outlook for the economy was still 'extraordinarily uncertain,' despite the impact of vaccines, and that the U.S. was still 'a long way from our employment and inflation goals.' The Dow fell 0.2%, the S&P 0.5%, and the Nasdaq 1.6%. Crude oil traded near $61.50 per barrel, while gold fell $4 to $1804 per ounce.

The stock market performed well last week, touching fresh highs with no clear-cut catalysts aside from relatively strong earnings. Tech stocks outperformed blue chips, though small-cap stocks outperformed both. During Friday's session, the Dow Jones Industrial Average increased 28 points, or 0.09%. The S&P 500 was up 0.47%, and the Nasdaq Composite increased 0.50%. For the week, the DJIA climbed 310 points, or 1.00%, the S&P 500 climbed 1.23%, and the Nasdaq Composite led the way, climbing 1.73%. Year-to-date, the DJIA is up 2.78%, the S&P 500 is up 4.76%, and the Nasdaq Composite is up 9.37%.