Believe it or not, the Technology SPDR (XLK) is outperforming the S&P 500 ETF (SPY) in July. The chart below shows four price relatives comparing the performance of the Technology SPDR (XLK), Industrials SPDR (XLI), Financials SPDR (XLF) and Consumer Discretionary SPDR (XLY) to the S&P 500 ETF (SPY). The XLK:SPY ratio (pink) moved sharply higher in July, but the other three moved lower. Techs cannot do it alone.
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