Market Recap For August 12th, 2022
Thursday’s close looked as bearish as the come, but the market had other plans on Friday, rallying to new recovery highs.
Conversely to Thursday, Friday’s close was very bullish. So, does today bring a reversal of that move?
Yesterday’s Sector Performance
All sectors ended up in the green on Friday, led by Consumer Discretionary.
Energy and Staples were the under performers.
Five-Day Sector Performance
Energy ended up with the best week of all, even if it ended on a weak note.
Consumer Staples found itself on the bottom of the weekly as well.
ETF Trade Watch
Consumer Staples Select Sector SPDR (XLP)
Consumer Discretionary Select Sector SPDR (XLY)
Consumer Staples have been a leading underperformer during the current rally. As long as the rally continues, the XLP could struggle most on pullbacks.
If the market insists on running higher this week, Discretionary stocks and the XLY will most likely be one of the leaders.
Good luck!