Sector Spotlight: CPI Comes In Flat, Stocks Rise
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Market Recap For August 10th, 2022
Markets jumped nicely on Wednesday, continuing the rally that started nearly two months ago.
Of course, any day could bring a reversal, but nothing about yesterday’s rally seems to be over. Expect higher prices, for now.
Yesterday’s Sector Performance
Several sectors battled it out for the top spot, with Materials escaping with the win.
Utilities ended up as the weakest sector.
Five-Day Sector Performance
Real Estate and Materials are leading the weekly.
Consumer Staples is the only sector in the red over the past week.
ETF Trade Watch
Materials Select Sector SPDR (XLB)
Financial Select Sector SPDR (XLF)
The market seems to be starting another leg up, which could favor the top sectors of Materials and Financials. As you can see by the above graphs, both XLF and XLB gapped up and have continued a move higher. While this could be the next leg up, be careful of a pull back that often occurs after abnormal price jumps.
there are several areas that will see gains if the bullish market trend continues. As we make moves higher, the markets pull themselves further and further out of bear territory. Those who are still bearish on the market may way to consider taking any profits off the table.