What Happened
XLK, the largest technology ETF by assets has a stellar July record over the past decade.
“XLK is the only ETF with a 100% win rate, averaging a very healthy monthly gain of about 4%. Digging deeper, XLK hasn't ended July lower since dropping 2.4% in July 2008,” according to Schaeffer's Investment Research.
Taking that data point with a grain salt, it's worth nothing it measures only the past decade and XLK, like the other eight original sector SPDR ETFs, debuted in July 1998, meaning there are two decades worth of July performances for XLK and friends.
Why It's Important
XLK's ability to live up to its July reputation is important for several reasons, not the least of which is the fact that technology is the S&P 500's largest sector weight. Just two days into the month, XLK is off to a decent start, having notched two consecutive higher closes to start July…
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