Sector Spotlight: Anticipation Of CPI Data Builds
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Market Recap For October 10th, 2022
There were concerns for the bulls coming into the week based on how Friday ended. Sure enough, market dropped on Monday, with the Nasdaq 100 hitting a new low.
As has commonly been the case, the dip was bought shortly after the open, which is one of the best signs that the bear market low likely isn’t in yet.
Yesterday’s Sector Performance
Even with the red day, several sectors made their way into the green.
Energy was not one of them, which it’s about time after last week’s run.
Five-Day Sector Performance
Even with Energy’s pullback yesterday, the sector still leads the past week.
Real Estate hasn’t moved, as Monday did not help its cause.
ETF Trade Watch
Industrials Select Sector SPDR (XLI)
Materials Select Sector SPDR (XLB)
Two sectors that seemed to show relative strength during yesterday’s decline were Industrials and Materials.
If the market pulls off a “turnaround Tuesday” today, the XLI and XLB could be set to outperform most other sector ETFs.
Good luck!
