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But we saved everything 🙂.
The S&P 500 index slipped by 93 basis points in October, even as 9 out of 11 sectors rose, 327 of 500 stocks increased by 2 percent or more, and the percentage of companies trading above their 50-day moving average climbed from 20 percent to 61 percent. Morgan Stanley's prime brokerage posted its largest degrossing ever during the month.
Stephanie Link, Managing Director and Portfolio Manager at Hightower Advisors, described these statistics and said the market set up appears favorable heading into the end of the year.
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Earlier this month, Stephanie Link flagged a 7% decline in XLK while energy, staples, and healthcare sectors posted gains, and financials began to recover in her market overview. She has also tracked developments beyond equities, noting SpaceX's acquisition of 800 MHz spectrum for Starlink Mobile in telecom sector news. Link regularly comments on sector rotation and large industry moves.