All of a sudden real estate and utilities are hot as financials have begun to struggle. The more defensive tone to the market is coming at the expense of value and growth but more so the former.

For the week:

Defensive

• XLRE +4.56%
• XLU +3.74%
• XLP +2.15%

Value

• XLE -2.15%
• XLF -3.29%
• XLI -1.48%

Friday’s Session

Energy is tough.  Oil price has held up and there are persistent calls for $150 a barrel.  Note: stocks still need buyers and there is a boycott that does care about growth potential or profitability in the oil patch.

Heat Map

Mega Cap led the way although tech and communication services weren’t spectacular by any stretch.

Portfolio Approach

There were no changes today.

Today’s Session

More shock from the War on Ukraine as the town of Bucha is now said to be the scene of horrific war crimes as mass graves of civilians have been unearth.  I’m not sure what it means for the war itself as the west promises even more sanctions which haven’t worked thus far.

On the market front, the news of the morning is Elon Musk taking a 9.0% stake in Twitter.  This could be a victory for free speech if Musk goes on buying enough stock to wrest control of operations which have descended into a mass censorship of voices on the right. 

It looks like a sloppy start at the open.  I’m eager to be aggressive but respect where the market is in an odd space here.