Market Recap For June 13th, 2022
The week started off exactly as expected. Last week’s Thursday-Friday decline did not appear to be over, and new lows seemed a foregone conclusion.
New lows were hit, right out of the gate on Monday, and the major indices finished at their lows. Traders should expect more lows to come.
Yesterday’s Sector Performance
Consumer Staples was the top performer again, although that’s not saying much.
Even though oil held up well, Energy stocks did not.
Five-Day Sector Performance
Yesterday’s rout pushed Staples to the top of the weekly as well.
Discretionary is now back at the bottom of the weekly chart.
ETF Trade Watch
Technology Select Sector SPDR (XLK)
Consumer Discretionary Select Sector SPDR (XLY)
The past three days in the market have been nasty, and it sure didn’t look like the drop was over at yesterday’s close.
Whether it is or not, the XLK and XLY are two ETFs that fall the hardest during declines, but also rally the most when markets rebound.
Good luck!