Market Recap For September 9th, 2022
Friday’s market unfolded as expected, although the rally extended farther than many might have expected.
The problem with getting too confident in the current rally is that if stocks are in the midst of the next leg down, upside fake outs will be common.
Yesterday’s Sector Performance
Services led the way, followed by Energy.
Utilities were the clear laggard on Friday, although still finishing in the green.
Five-Day Sector Performance
Materials and Discretionary won the week.
Consumer Staples finished marginally in the green, but still at the bottom.
ETF Trade Watch
Consumer Discretionary Select Sector SPDR (XLY)
Communication Services Select Sector SPDR (XLC)
Although there are plenty of reasons to be skeptical of the current rally, the fact remains that markets are in rally mode.
If the rally continues to press higher, which it may very well do, most sectors will perform well, but the XLY and XLC may be two of the ones at or near the top.
Good luck!