(Sectors) vs. SPY

A view of several US stock market sectors vs. the broad SPY, which includes most or all of these sectors to one degree or another. These are weekly charts and they show the ongoing relative trends.

As you can see Financials, Energy, Industrials and Materials are chronic under performers. This is largely due to the collapse in long-term interest rates, as these ‘reflationary’ sectors (especially Financials) tend to be positively correlated to yields.

On the plus side, there is Tech doing what it has done seemingly forever now, leading. Also, as we’ve been noting in NFTRH, Healthcare looks interesting at least, on a relative basis.

Curiously however, the low rate environment has done nothing for REITs vs. SPY. Nor the Utes. Everybody’s trending down except Biotech, which has a chance to change the trend and Medical Device, which we’ve dubbed and traded as the leader it is for years now.

Thus ends this episode of ‘vs. SPY’.

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