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Did A Market Alarm Go Off On Friday?

The trading day seemed like most any other on Friday. Following what was a better than expected U.S. employment report, stocks initially advanced to the upside before fading into the afternoon and ending the trading day modestly lower. Not much notable here. But when digging under the surface, the performance coming out of selected sectors may be tripping the alarm bells that more downside pressure may be soon to come.

An Ominous Decline From Three Distinct Categories

Although the broader market (SPY) seemed relatively fine, three notable asset classes were soundly drubbed throughout the trading day on Friday. First and foremost was the utilities sector (XLU), which opened the day lower by more than -1% and continued to fade for the rest of the day in closing down over -4%. Another was REITs (VNQ), which also opened down sharply and followed utilities lower until the late afternoon before finally closing… Read More …