Bifurcated Action Draws Sellers In Leading Industries

Sep 10 12:09 2019 Print This Article

Market Recap for Monday, September 9, 2019

Monday's action was odd, mixed and bifurcated. The small cap Russell 2000 ($RUT) had a very strong day, rising 1.27%, while the NASDAQ, another aggressive index, fell 0.19%. The Dow Jones finished with a slight gain, but the S&P 500 lost a fraction of a point. Energy (XLE, +2.00%) and financials (XLF, +1.53%), two sectors that have lagged quite a bit in 2019, led the action on Monday, while 2019 leaders, real estate (XLRE, -0.75%) and technology (XLK, -0.75%), were two of the primary laggards. Healthcare (XLV, -0.92%) was the worst performing sector as medical equipment stocks ($DJUSAM, -2.31%) struggled after recently making a breakout above its late-July high:

Nearly every leading industry group in 2019 took it on the chin yesterday, despite our major indices ending mostly in positive or flat territory. Renewable energy ($DWCREE, -1.07%), easily the best performing industry group in 2019, fell despite a strong energy group. The DWCREE is consolidating in a bullish symmetrical triangle and is illustrated in the Sector/Industry Watch section below.

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