| Looking Ahead to 2021 This is Jim Lowell, Editor-in-Chief of the Fidelity Sector Investor, with your regularly scheduled Hotline, Thursday, December 31, 2020. There are no new trades recommended in any of my tactical model portfolios. I’m rebalancing my FSI portfolios at year-end, which you can read about in the FSI December Issue. Trade Schedule Trades may occur every 31 days. If new trades are triggered, the next trades will be announced and executed on Thursday, January 21, 2021. The Markets For the year through December 30, the S&P 500 is up 17.7%, the NASDAQ is up 44.9%, and the 80% S&P 500 / 20% EAFE index is up 15.9%. Our Portfolios Over the same time period, my Tactical Alpha portfolio is up 25.5%, my Tactical ETF-Only S&P 500 portfolio is up 17.8%, and my Tactical Global Market Masters portfolio is up 17.9%. Sector Watch The top sector performers so far this week are Select Computers (up 2.2%), Select Gold (up 1.7%) and Select Consumer Discretionary (up 1.4%). The bottom performers are Select Biotechnology (down 3.0%), Select Telecommunications (down 1.4%) and Select Communications Equipment (down 1.0%). For FSI‘s tactical portfolio holdings, the top movers so far this week are Japan (up 2.4%), Select Computers (up 2.2%) and MSCI Consumer Discretionary ETF (up 1.3%). The bottom movers are Select Biotechnology (down 3.0%), Select Communications Equipment (down 1.0%) and Select Software & IT Services (down 0.2%). Market Watch As one of the more the challenging years (whose challenges remain) slips into the rearview mirror, I can see that FSI’s tactical trading system once again managed to successfully deliver absolute and reasonable risk-adjusted returns. Everything that went wrong and right in 2020 speaks volumes about FSI’s trading system’s ability and agility. As we head into 2021, we can do with heightened confidence that no matter what the year brings, FSI will bring a calculated approach to both offense and defense. We’ll start 2021 with a slate of meaningful economic reports: Manufacturing and service sector reads, construction spending and car sales, factory orders and FOMC minutes from their end-of-December confab, private sector jobs data from ADP and the government’s nonfarm payrolls. Before we get there, I can close out the year by saying there was little year-end market fanfare; the final week of 2020 offered nothing in terms of reports, market activity and investor behavior that swayed the markets hither of thither. It was a welcome, boring end to a wild and often frantic and frenetic 2020. I’ll hope for a boring 2021, but as always, FSI will be prepared to change course based on the price behavior facts as well as inputs into its trend following trade outputs. As 2021 is about to input its first week of trading, I’ll take this moment to bid 2020 adieu and to wish you and yours a happy, safe and healthy new year. No matter how trying or terrifying 2021 market moments may appear, as it has been doing for decades, Fidelity Sector Investor will do everything in its tactical trading power to make investing in 2021 another prosperous year! Until next Thursday, or if the Dow moves 10% in either direction, this is Jim Lowell thanking you for your membership, and helping you secure your financial future. 
Jim Lowell | 
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