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“It’s obvious that we don’t know one millionth of one percent about anything.” – Thomas Edison
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At 13 trading days into the new year, Communication Services (XLC) is currently the best-performing sector YTD with a gain of 10.65%. As shown below, XLC is easily the farthest above its 50-DMA of any sector, propelled last week by big moves higher in names like Netflix (NFLX) and Alphabet (GOOGL). Remember, Communication Services was the worst-performing sector of 2022 with a decline of more than 37%. We’ve clearly seen some bottom fishing this year in last year’s hardest-hit areas of the market.
It’s not just the mega-caps driving Communication Services higher either. 84% of stocks in the sector are currently above their 50-DMAs; the highest reading for any sector. On the other hand, it’s the defensive areas of the market that investors have moved away from recently, with just 26.7% of Utilities sector stocks and 15.2% of Consumer Staples above their 50-DMAs. Consumer Staples (XLP) is the only sector that’s currently oversold.
See more of our thoughts on Communication Services, including a look at the individual names that make up the sector, in today’s Morning Lineup.
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