Nowhere to Hide at Sector Level, Though Some Industries Offered Some Shelter
Guess where the only place to hide last week was? No surprise here…. gold stocks continued their march. Once again though, gold is now going higher simply because it’s going higher - and that’s a rug waiting to be pulled out form underneath it. Energy was the big loser all week long, but the big winner - financials - only emerged as a winner thanks to Friday’s skewed buying.
As far as any trade-worthy trends appearing at the sector level though, we don’t see anything consistent enough to chase (up or down). That’s not true at the industry level though.
Sector Performance
Yes, you’re seeing the table right…. energy refiners were well up for the week, though the broad energy sector was down. That’s actually a trend that’s been shaping up for a while now, and may be one of the few long ways to make any progress in this go-nowhere market. That said, the strength in the heavy electrical equipment group is nothing new either. Though it’s obscure, the consistent and reliable bullish steps we’ve seen here deserve a closer look.
As for the losers, they’ve all been habitual losers for a while now. Notice that two of the worst six were from the retailing arena… an illness that may be infecting other closely-related industries.
Industry Performance
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