Market Recap For November 4th, 2022
Friday’s market opened much higher, but eventually fell into the red, only to end up closing firmly in the green. Stocks still finished off their highs, however.
Forecasting the market after the 1-2 punch of Wednesday and Friday is challenging, at best. The coming week should also be volatile with the midterms and CPI on deck.
Yesterday’s Sector Performance
Materials left all other sectors in the dust on Friday.
Healthcare and Utilities found green, but not all that much.
Five-Day Sector Performance
Energy ended up winning the week, thanks in big part to Friday’s move.
Communication Services struggled all week, losing a lot of ground due to earnings.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Materials Select Sector SPDR (XLB)
With the mid-terms this week, and the next read on CPI, stocks should be in for a volatile week. Whether they finish up or down is anyone’s guess.
Independent of that knowledge, Materials won Friday’s market, and Energy won the whole week. The XLB and XLE may be great ETFs to look at for bullish trades.
Good luck!