Market Recap For November 11th, 2021
Wednesday’s late day attempt to rally followed through to start off Thursday, but that was about as long as it lasted.
A slow drift took hold shortly after the open and stocks lost most gains. A resumption of the decline could develop today.
Yesterday’s Sector Performance
Materials moved back to the top once given a chance.
Utilities lost their edge and saw the most profit taking.
Five-Day Sector Performance
Materials are still in the lead and could remain there if the rally continues.
Consumer Discretionary is now alone at the bottom of the week.
ETF Trade Watch
Utilities Select Sector SPDR (XLU)
Materials Select Sector SPDR (XLB)
Over the past couple of weeks, the market has made it clear that it likes Materials during rallies and Utilities during declines.
So, depending on which way the market breaks today, traders could target either the XLU or XLB for long trades.
Good luck!