Market Recap For October 29th, 2022
The Thursday after market initially seemed rough, but AAPL turned around and AMZN trimmed its losses considerably.
Even though markets started off slightly lower, the trend of larger degree took over, and a big rally ensued.
Yesterday’s Sector Performance
Technology had a very big day to end the week.
In a bit of a surprise, Discretionary stocks ended up finishing in the red.
Five-Day Sector Performance
Industrials ended up on top, but Technology will likely catch up soon.
Services recovered somewhat on Friday, but still lost the week.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Communication Services Select Sector SPDR (XLC)
It would seem the next leg up in the ongoing bear market rally is underway, and the XLK could be a great ETF in which to ride it higher.
Even though Communication Services struggled on Wednesday and Thursday, the sector looks to be rebounding, as does the XLC.
Good luck!