TheStreet's Debra Borchardt spoke to Mark Newton, chief market technician at Greywolf Equities, about the sectors that are outperforming a sluggish broader market. He said the materials sector is getting a lift from the gold miners and chemicals.
He added that the miners have been doing well lately, despite gold prices not rising all that much.
Alcoa (AA) and Dow Chemical (DOW) have also helped the sector. The two stocks have been outperforming over the past several trading sessions. However, steel, coal and other commodities have not been much help to the sector.Turning to earnings, Newton said investors are now getting ready for technology companies to start reporting. Apple (AAPL), Google (GOOG) and Facebook (FB) report next week. The next focus will be health care and industrials.
Newton also said the rise in crude oil prices has helped the energy sector to wake up a bit after it appears to have bottomed. He concluded that investors who want to monitor or trade the gold miners can use the Market Vectors Gold Miners ETF (GDX) and the Materials Select Sector SPDR ETF (XLB) for the materials sector. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell