The indices took a break on Tuesday after the recent nice snapback rally, and some of the biggest gainers were stocks that have been very poor performers over the intermediate and longer terms. Rotation is alive and is a major contributor to the longevity of any bull market. As long as the money stays in the market, things have a way of balancing out. But when sellers do not rotate funds (and raise cash instead) problems often follow. So far, it appears that some of the recently beaten-up stocks are experiencing nice demand, with some even seeing steady call option buying. Heavy bullish option activity is associated with institutions and hedge funds seeing value. Over the past week and during the days since the major indices bottomed on March 13, the biggest S&P 500 (SPX) gainers have been TSLA (+27%), PLTR (+15%), BA (+13%), UAL, RCL, and AMD (all up 11%), DRI (+10%), JBL and APH (up 9%), and NRG, IP, COF, GM, FCX, APO, ULTA, and CEG (all up 8%). Some of these stocks were hammered over the past month or two, others have been terrible long-term performers, and a few can be considered market leaders. Also of note, the stocks come from seven different SPX sectors and from diverse industries. The weakest SPX issues over the past week also come from many sectors, but are more concentrated in the Healthcare sector. The drug and biotech stocks were particularly weak Tuesday on tariff news. The worst weekly SPX performers include NKE (-9%), CRL (-8%), MRK, UPS, MU, LVS, and LYB (all down 7%), and ABBV, INTC, DOW, IT, and LMT (all off 6%). (Mark Arbeter, CMT)

Paramount is a worldwide media entertainment company. Remerged in December 2019 from sister companies Viacom and CBS, the company produces and distributes television and cable programming over its networks, including the flagship CBS broadcast network; a stable of basic cable channels, including MTV Networks, VH1, Nickelodeon, Country Music Television, Comedy Central, and BET; a network of owned and affiliated local CBS broadcast television stations; and various digital streaming video platforms, including its flagship Paramount+ service and Pluto TV. Paramount also produces and distributes theatrical films through its Paramount Pictures studio and owns a minority 12.5% share in the CW network. The company's businesses and trademarks also include the CBS television network, the Showtime cable network, CBS Television Distribution, and Paramount Pictures. ViacomCBS changed its name to Paramount Global on February 15, 2022.

The iShares 20+ Year Treasury Bond ETF (TLT) remains in a bear channel off the peaks since September. On Wednesday, TLT gapped higher after the CPI report, with above-average volume. Daily momentum has been in oversold territory for a big part of the past three months. The first key upside level to overcome is at $87.50, the lows from April 2024. The next piece of chart resistance lies at $89.50, the September lows. On the downside, a break of the recent lows at $85 opens the door for an important test of the lows from October 2023. Market sentiment from the two- to 10-year remains bearish, fund flows have been negative but not heavy enough to be bullish and signal panic, and the Commitment of Traders (COT) data is less bullish. Still, when the COT data got less bullish in April through June 2024, bond prices rallied. The iShares Silver Trust (SLV) completed a small head-and-shoulders pattern on December 18, but saw little downside follow-through (a positive sign). It's possible that the formation since the peak on October 22 was a bullish, three-wave, ABC decline. SLV has rallied above the low from late November, creating a bullish false breakdown. In addition, the ETF has busted above the bearish trendline off the October peaks -- but not by a lot. Fibonacci retracement levels come in at $28.30, $29, and $29.70, while chart resistance is between $29 and $29.50. The lows down near $26 are short-term support. Meanwhile, the COT data remains bearish for GLD (SPDR Gold Shares), but has improved for SLV. Some sentiment data is quite bearish, while other indicators are neutral. Seasonality is much better in the beginning of the year. (Mark Arbeter, CMT)

OSI SYSTEMS INC has an Investment Rating of HOLD; a target price of $166.000000; an Industry Subrating of High; a Management Subrating of Medium; a Safety Subrating of Medium; a Financial Strength Subrating of Medium; a Growth Subrating of Medium; and a Value Subrating of Medium.