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While the July 15th S&P 500 lows have been handily broken, there are three sectors which have managed to stay above their closing levels from that day. 

Interestingly, two of them are not defensive and they are not sectors that have managed to insulate themselves from the housing meltdown.  In fact, they are the sectors which got us here in the first place!  As shown below, the two sectors that have done best since July 15th are Consumer Discretionary and Financials!

click to enlarge

Sector_performance_0917