Look at the U.S. market.
Since March 1, the Global X Social Media Index (SOCL) is down 21.6%, the First Trust DJ Internet Index (FDN) has declined 12.1% and the iShares Nasdaq Biotechnology Index (IBB) has dropped 9.3%. Last year's market leading index, the iShares Russell Microcap Index (IWC) is 8.4% lower since its March high.
At the same time, the bond market has rallied for the year to date, especially at the long end of the yield curve. The 20 year+ US Treasury (TLT) is up 12.2% for the year. Nobody seems to have a good answer for why we are seeing this "flight to safety" but I suspect one reason is economic data we are seeing are still not that rosy.First-quarter GDP was only 1% due to weather, and where will second-quarter GDP come in? The consensus estimate is just north of 3% but we have to wait about six weeks to find out. But is the bond market telling us the economy is slowing down? Is this why the level of interest rates remains so low? I think so. Hence my focus in such places as India, through the MSCI India Index ETN, the leading index in the world this year despite some recent consolidation. Data from Best Stocks Now App I am still a big believer in the India story. In my opinion, the recent elections in India have created a tremendous opportunity there for the next several years. INP data by YCharts So despite a trendless market, there are still several very promising trends to play. At the time of publication the author was long long HDB, TTM, LRCX, CRZO, CLR and XEC. Follow @billgunderson This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff. >>Read more: You Can Now Watch the World Cup Through Google Chromecast