I’ve been doing development work on groupings and fundamentals. On my monitor, I can see 32 columns and 50 rows of data comfortably. The technical challenge of reducing the data to fewer columns for viewing is not trivial.
Anyway, there is serious rotation going on in here. XLU and XLP are staying strong, XLV looks like the up and coming sector. XLY and XHB are somewhere between cooling off and just not the place to be at the moment.
This is the first test of an important minor level. The higher green line is a more important minor level, coincident with 18 day SMA for both QQQ and SPY. Some kind of dead or living cat bounce is a decent possibility. The first intermediate type line is SPY 395 and QQQ 225. A trip to the 54 day SMA levels will probably involve action below that line. If that comes to pass, the conversation will turn to the intermediate bottom and SPY 370.
If such scenarios trigger feelings of dread and panic, then you are holding too much size.
My beloved Chemicals and Steel industries ae getting some negative feedback lately. The two tables below are identical, but it illustrates the problem of providing the name for each stock. Fundamental stuff is earnings date, Trailing 12 month P/E as of yesterday’s close, consensus forward 12 month P/E, and analyst rating consensus. 2 and below is buy while 3 and above is hold or worse.
Considering the other half of XLB is mining, this is a tough sector to fall in live with.