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S&P 500 Index Is Up – But That’s Deceiving

sectors-ytd

I had a couple of emails from readers asking why I’ve been so worried since everything is up this year. That caught me by surprise since what I see is most things are down this year in spite of the fact that the broad index is up.

In the chart above, I’ve plotted the year-to-date returns for the various market sectors within the S&P 500, and you can see that the only sectors that are up are Financials, Consumer Discretionary and Industrials. Everything else is down, and some are down big. It is not a healthy market when things are so mixed.

We are sticking to our plan and will be adding to positions when the time seems right. In the meantime, its important to remember that the broad market averages can be deceiving.

Mark