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“Individuals who cannot master their emotions are ill-suited to profit from the investment process.” – Benjamin Graham

It was looking like a bounceback Wednesday for equities earlier, but futures have been drifting lower over the last couple of hours.  As things currently stand, futures are indicating a positive open, but the magnitude of the gains have been more than cut in half.  There’s not a lot of data on the calendar today as the only report scheduled for release is Pending Home Sales at 10 AM. The yield on the 10-year was below 1.5% earlier but has also drifted back above that level as equity futures have pulled back.

Read today’s Morning Lineup for a recap of all the major market news and events from around the world, including the latest US and international COVID trends.

Given the weakness to start this week, it may sound hard to believe but the S&P 500 closed yesterday essentially where it closed last Tuesday.  In other words, there’s been a lot of noise in day-to-day moves over the last five trading days, but the equity market has nothing to show for it in either direction. At the sector level, though, returns have been anything but flat.  As shown in the snapshot below from our Trend Analyzer, all eleven sector ETFs have seen moves up or down of at least 0.69% over the last week, and all but two have moved up or down at least 1%.

Those figures don’t even fully describe the magnitude of sector moves over the last week.  At the bottom end of the performance spectrum, interest rate-sensitive sectors like Utilities and Real Estate are both down over 3% while Health Care and Technology are each down more than 1%.  At the other end of the spectrum, five out of eleven sectors are actually up more than 1% over the last week, including Energy which has surged more than 11% and Financials which is up over 4%.  Along with those two sectors, other cyclically oriented sectors like Materials, Industrials, and Consumer Discretionary are all up over 1%.  Performance over the last week has really been a function of which sectors an investor has been over or underweight

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