Communication Issues:

When one thinks of the communication services group they think of Google. And for good reason as it represents almost 25% of the XLC. Other top 10 familiar holdings include NFLX which is almost 70% off highs made last November after being rebuffed at the very round 700 number. META the top component continues to make a stand at the 160 area on its WEEKLY chart. Since the week ending 6/17 nine weeks have been below the figure with 8 of the 9 CLOSING above it including last week. Friday the XLC was the worst of 11 major S&P sector performers and it now stands 38% off its annual peak made almost exactly one year ago. On a YTD basis it is the worst of 11 major S&P sectors down more than 30%. The internet space is most responsible with stocks like MTCH SPOT and DASH among others off between 50-70% in 2022 thus far. On the other end of the spectrum names like ATVI and GDDY have acted firmly. Like any group there will be birfucation but be careful playing leaders within that have been asked to carry an irresponsibly large load.

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