November continued with additional sector rotation as traders left technology and discretionary and fed into healthcare. Technology was very strong the last week of November despite the AI-led sell off earlier in the month.
Tech continued to beat expectations, yet markets sold off indicating even higher expectations. Forward guidance was not as strong as anticipated coupled with high cap-ex spend by the hyperscalers led to the sell off.
Healthcare rallied on expectations of a continuation of the ACA and continued release of weight and diabetes drugs with LLY becoming the first big pharma giant to reach the coveted $1 trillion milestone.
Personal note: Trading into the second half of November felt more difficult than I think it should have.
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