Market Recap For October 13th, 2022
Thursday’s Spotlight forecast a volatile move for the release of the morning’s CPI numbers. From down 3 percent to up 3, volatility ruled the day for sure.
Markets have seemed poised for a multi-week rally for a while now, and yesterday would appear to have kicked one off.
Yesterday’s Sector Performance
It has been a long time since Financials led the market.
In somewhat of a surprise, Discretionary stocks lagged.
Five-Day Sector Performance
Energy has finally lost its place on top, thanks to Consumer Staples.
Technology and Discretionary are bringing up the rear.
ETF Trade Watch
Financials Select Sector SPDR (XLF)
Consumer Staples Select Sector SPDR (XLP)
It’s been so long since it happened that it almost seems strange that Financials led the market yesterday. However, as long as it continues, the XLF is worth a look.
Consumer Staples have performed well for a while, even if not always the leader of the day. This keeps the XLP on the radar for bullish trades.
Good luck!