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To: Didi who started this subject	11/13/2000 11:17:31 PM
From: Didi	of 1115

Commentary--John Murphy: "Sector Rotation Through Economic Cycle"... >>>It's the ECONOMY! Posted 11 November 2000 SECTOR ROTATION THROUGH ECONOMIC CYCLE... The chart below is a diagram of how market sectors perform at various stages of the economic cycle. It shows that in the Late Expansion phase of an economic cycle, Energy takes over market leadership (which it did over a year ago). As the economy starts to slow, the three groups that do best are Consumer Staples, Utilities, and Financials. That's the basis for our repeated claims over the past six months that these are groups that normally take over leadership when the market anticipates a slowing economy. stockcharts.com ............................................................ SECTOR PERFORMANCE... The chart below shows how closely the markets have followed the economic diagram. The four top performers this year have been Energy (17%), Consumer Staples (18%), Utilities (21%) and Financials (20%) - just as the diagram suggests. It also shows that the weakest groups have been economically-sensitive Basic Industries (-25%), Cyclicals (-22%), and Technology (-23%). Dell is the latest example of a big technology stock getting hurt by predictions of a slower economy.<<< stockcharts.com

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