What’s working and what’s not …

posted in: Technicals | 0

Sometimes during the confusion of a sell-off it is hard to determine what is working and what is not as it appears everything is going down.  As illustrated below, and courtesy of Bloomberg we take a look at what groups within the S&P 500 have worked since March 1st to present and what groups haven’t.

What stands out is that energy has clearly worked, while riskier and former leaders such as biotechs, internets and homebuilders have lost their luster.  This winners and losers group run down gives us a clear message that de-risking is going on.