For months on end we have seen a rotation out of technology and into consumer staples and other defensive sectors. Today, we are seeing technology leading and staples lagging. That is quite unusual for a big down day. This is a small incremental positive.
5 comments:
WTF happened today
The EU reached an agreement with Greece on an austerity plan. The weird
thing is that nobody expected any different. Seems people just got caught
leaning the wrong way.
weren't longs leaning the wrong way last night. seems bipolar.
There was a lot of call buying heading into the Fed announcement and the
bulls were caught leaning the wrong way. Today the opposite happened. This
market does seem bipolar.
[...] Last week I noted that we finally saw money starting to rotate out of consumer staples and into technology. This rotation has continued nearly non-stop since. I believe it has now gone too far. I would expect consumer staples to perform better going forward. Tsachy Mishal on June 28, 2011 at 3:46 pm | Filed Under Uncategorized /* [...]
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