vs. SPY

This week our sector ‘comp’ charts spy the following trends…

Financials/SPY has bounced but remains in a downtrend by the SMA 50. Energy/SPY meanders in a ‘go nowhere’ consolidation; Healthcare/SPY looks better and better by the week. Industrials and Materials are nowhere and Technology is as always…

Financials especially, but also Materials and to a degree Industrials are pro-yields. I for one am cloudy on the short-term picture of long-term yields, but I think we’ll get a handle on it soon enough in part by which sectors firm up and which sectors go the other way relative to SPY.

The weekly relative trends really show nothing conclusive from a positive standpoint other than relatively yield-insensitive big Tech. Same as it ever was.

Daily Real Estate relative trend needs to get a move on right now or potentially break down. Utes are maintaining. These are both anti-yields, so the drama builds (well, if you’re a geek; otherwise you are at the beach, on the course or sailing in your yacht). Tranports’ trend is unattractive, Biotech still constructive, Medical Device is like the big Tech of the H/C world and Retail is looking suspect on the daily view.

The weekly has bear trending RE & Utes, going nowhere Tranny, Biotech/SPY still in a downtrend, Medical Device still wildly bull trending and Retail clinging to a constructive look. Funny how the daily and weekly charts present different messages. Funny… and also very helpful for perspective.

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