At the end of the week of Nov. 4, the technical charts for the 11 S&P 500 sector exchange-traded funds indicated that there were no safe havens. Then, came the presidential election -- and a President-Elect Donald J. Trump resulted in extreme sector volatility.
Last week began with stock market strength, as Secretary of State Hillary Clinton appeared to be a shoe-in to become Madam President. As the election map switched from blue to red, Dow futures plunged 800 points and S&P 500 futures declined by more than 100 points. Nasdaq 100 futures crashed by more than 200 points. Soon after the official stock market open on Nov. 9, it became crystal clear that stocks would not repeat the overnight plunge.
What was last week's volatile upside all about? Was it thoughtful buying of stocks and sectors expected to be helped by President Trump's programs? Or, was it simply the unwinding of positions by hedge funds, and those high-speed black-box automated trading systems that were programmed for the outcome that had an 85% chance of occurrence? Most likely it was automated trading and unwinding of positions.
Here's this week's scorecard for the 11 ETFs that represent each of the sectors of the S&P 500.