Sector Relative Strength Report - November 9, 2020
Click on image to download the PDF.
Our mid-October call on Volatility bore fruit in the form of a $VIX rally, followed by a sharp test of recent lows. Expectations were for more rotation outside of the Consumer Discretionary and Info Tech sectors, which was the case. Industrials and Utilities gaining at the expense of Staples and Communications. As we noted previously, internal rotation within Consumer Discretionary and Tech was also rising; Autos are now leading their respective sector, and while Tech is still led by Hardware (AAPL), other internal industries are in flux.