In April the system returned 0.5% vs. a $SPY return of 1.9%. The system was 33% in cash for one day and missed part of the bounce from the 50 day average. Also, the defensive funds have been increasingly moving up in the ranks. These do not tend to move as much as the non-defensive funds.
Year-to-date the system is up 13% vs. a $SPY return of 12.1%.
The system is currently long FSUTX (Utilities), FBMPX (Multimedia), and FBIOX (Biotechnology).