Energy Sector Takes a Hit 3 comments
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Even the Energy sector has now turned negative. As shown in the charts below, the sector is now trading well below the bottom of its trading range, and only 5% of the stocks in it are trading above their 50-day moving averages.
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So where has the rotation occurred? Healthcare. As shown, 46% of the stocks in the Healthcare sector are now above their 50-days, and the number is increasing. Unfortunately, the Energy sector now makes up a much larger slice of the market than it used to, so it might be wishful thinking for those who think a big decline in oil will cause the market to go up.
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