Sector Spotlight: Jobs Numbers Loom Over The Market
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Market Recap For October 6th, 2022
Thursday’s market was somewhat of a snoozer, all things being equal. However, when it was all said and done, stocks ended mostly lower.
Unless markets break down in a meaningful fashion, expectations are still for a higher move, overall.
Yesterday’s Sector Performance
Energy continued its winning streak to 4-0 this week as the market leader.
Utilities are the polar opposite, finishing at the bottom once again.
Five-Day Sector Performance
There is Energy, and then there’s all other sectors.
Utilities are still well into the red, yesterday didn’t help much.
ETF Trade Watch
Energy Select Sector SPDR (XLE)
Utilities Select Sector SPDR (XLU)
At some point, the trend will change, but for now oil keeps chugging higher. As long as the continues, look for the XLE to rally onward.
Likewise, Utilities have been stuck at the bottom, and as long as that persists, look for the XLU to fall even further.
Good luck!
