Sector Spotlight: Powell Tanks The Market
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Market Recap For August 26th, 2022
It would appear that Thursday might have been a case of “buy on the rumor” with Friday being the “sell on the news” situation? Regardless, Friday was a rough one.
Whether or not markets are in the midst of the next leg down in an ongoing bear remains to be seen, but in the sort-term the decline did not seem to end last week.
Yesterday’s Sector Performance
In an overall rough day, Energy held up relatively well.
Technology ended up at the bottom in Friday’s rout.
Five-Day Sector Performance
Although Energy lost ground on Friday, the sector outperformed for the week.
Technology ended up losing the week, to no real surprise.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Technology Select Sector SPDR (XLK)
Assuming the market declines further to start off the week, Technology and the XLK will likely take additional hits.
Whether or not Energy can withstand a sustained market selloff is debatable, but if it can, look for the XLE to possibly climb higher.
Good luck!
