Alcoa appears to be negatively correlated to the market, which goes against conventional wisdom. If you look at how Alcoa is positioned between reports, you can see that if Alcoa is down in price between reports it has been good for the market. When Alcoa is up between reports, the first month of season has been weak or down.
A RISING ALCOA has led to weak first month of season SPY price action.
Tim 4/7/2015 3:48PM EST 207.64 last SPY , 13.44 Alcoa (AA)