Markets experienced a heavy bout of selling into the close on Friday. The Nasdaq lost 1% Friday, but was off just fractionally for the week. The S&P 500 fell 1.4% on Friday, and showing relative weakness compared to its tech benchmark rival, fell 1.1% for the week. It was the first back to back losing weeks for the indicies since last November. Quietly this week the Nasdaq is now ahead of the S&P 500 on a YTD basis by a 14.5% to 14.3% score. Perhaps tech rotation will lead going forward, after some long overdue selling. Defensive names continued to be taken to the guillotine this week with the likes of MCD CLX K, falling more than 4% this week. KMB recorded a nasty outside week falling 6.5% in the process. MON fell 4% Friday, further showing weakness in the ag sector. It may find a bounce at par, and MOO did find 200 day support Friday (MON is the largest component in the ETF). XLU lost another 3% in double average weekly trade, and is quickly approaching its 200 day SMA, where it may find a dead buzz bounce. XLE is now 4% off its 52 week high, and the energy bulls are finding fewer places to hang their hats on. The bulls, can look to the outperformance of the banks and semis. Select semis trying to bring some light to themselves that are acting well are XLNX AMBA LRCX MCHP.

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