Technology Curse?
Technology is cruising into the finish line and should easily coast to a decisive win against its other 10 major S&P competitors. Is that a slight omen? If we go back to 2007 interestingly information technology was the top performer just twice on a YTD basis. In 2009 after a stellar year rising 61.7%, in 2010 it was just the ninth best actor of 11 groups, and in 2017 after another solid showing up almost 39%, in 2018 it was fractionally negative. The XLK CLOSED above the very round 90 number Monday, and it began this year with a very robust 18 of 19 week winning streak that stretched into May. MSFT and AAPL make up nearly 40% of the ETF, and those two battle it out as the 2 most valuable companies on earth, and each has well surpassed the $1 trillion dollar mark. AAPL for all its impressiveness this year, registered its first bullish MACD crossover in 2 months Monday. A fruitful session indeed.