Sectors · 5 Nov 2026

US sectors this week: the read from Faircurve's model

Eleven sectors, 1,444 stocks the model covers. What the market did to the close of 5 Nov 2026, and what the model reads on its 31 Oct 2026 valuations.

Faircurve Insights · 5 Nov 2026

The S&P 500 fund fell 5.7% over 21 sessions. Technology fell 19.4% over the same window, while Consumer Defensive rose 11.7% and Healthcare rose 9.5%. Inside Technology, the median stock is down 12.0% over 21 sessions. Only 37% of its names sit above their 50-session average.

Faircurve's model reads Energy as its widest median gap, +17.7%, with 81.4% of graded names below fair value. Real Estate carries the narrowest, a median gap of -9.2%. Technology's median gap is +14.0%. The model revised nothing large this week. Every sector's change in median gap came from prices, not from fair-value revisions.

On risk, Technology shows an implied one-month move of 17.5% for its typical name. Its 63-session correlation to the S&P 500 is 0.84. Energy, Consumer Defensive and Utilities move apart from the index, at -0.12, -0.01 and 0.08 over 63 sessions. Technology names are also spread widely, 39.0 points between the 25th and 75th name over 21 sessions, against 8.1 in Utilities.

Written from the figures on this page for the close of 5 Nov 2026 and checked by rule before publishing: every number is one printed below, no forecast, no instruction. Not a recommendation.

The sentences behind the note, generated by rule

Leadership: the S&P 500 fund is -5.7% over 21 sessions while the median stock of the 1,444 the model covers is down in 4 of 11 sectors. 7% of Energy and 33% of Communication Services names sit above their 50-session average; 80% of Utilities.
Energy carries the model's widest gap: 81.4% of its 59 graded names trade below the model's fair value, median gap +17.7%. The fund is -2.7% over 21 sessions and its 63-session correlation to the S&P 500 is -0.12.
Real Estate carries the narrowest: median gap -9.2% across 86 graded names, 37.2% below fair value.
Technology is the weakest inside: median stock -12.0% over 21 sessions, 37% of names above their 50-session average, and 16 of them report in the next 14 days.
Technology carries the most movement per name: the options market's implied one-month move for its typical name is 17.5%, median beta 1.34, the highest of any sector.
Moving apart from the S&P 500 over 63 sessions: Energy (-0.12), Consumer Defensive (-0.01), Utilities (0.08).
The model revised nothing large this week: every sector's change in median gap came from prices, not from fair-value revisions.
Breadth on the week: Real Estate gained the most breadth: 69% of its names above their 50-session average, +24 points on the week; Energy lost the most: 7%, -58 points.
Against the S&P 500 over 63 sessions: Healthcare led by +16.8 points and Technology lagged by 8.4 points.
Names moved most apart inside Technology: 39.0 points between its 25th and 75th name over 21 sessions, against 8.1 in Utilities.

The numbered read is generated from the figures below by fixed rules. Facts carry their window and date; the model's reading is the model's opinion on value, stated as such.

The board

Where each sector sits this week, on the funds and inside the names the model covers.

Consumer Defensive+11.7%

Healthcare+9.5%

Real Estate+9.2%

Financial Services+7.0%

Basic Materials+6.8%

Consumer Cyclical+5.6%

Utilities+5.2%

Energy-2.7%

Industrials-3.2%

Communication Services-6.2%

Technology-19.4%

S&P 500-5.7%

Sector funds, price return over 21 sessions to 5 Nov 2026, best to worst, with the S&P 500

Utilities80%

Consumer Defensive75%

Healthcare75%

Consumer Cyclical74%

Real Estate69%

Financial Services62%

Basic Materials49%

Industrials46%

Technology37%

Communication Services33%

Energy7%

Share of each sector's names above their 50-session average, most to least

Sector by sector

Ordered by the model's median gap to fair value, widest first; sectors with fewer than 20 graded names come last with no model figure. Each card opens the sector's ranked list of names.

Energy

59 of 72 graded

The model's widest gap to fair value this week; the fund -2.7% over 21 sessions.

Fund +7.2%S&P 500 -5.2%

Fund, 21 sessions: -2.7%
Median stock, 21 sessions: -8.3%
Below fair value: 81.4%
Median gap: +17.7%

All figures and the widest gaps

What the market did

Fund, 63 sessions: +7.2%
Above 50-session average: 7%
Implied 1-month move: 14.4%
Corr. to S&P 500, 63s: -0.12
Reporting in 14 days: 4

What the model reads

Change on week: +1.6 pts
Prices / fair values: +1.3% / +1.3%

Widest gaps: BTU +55.6%, CHRD +51.6%, OVV +49.1% · all 72 ranked

Technology

181 of 223 graded

The model's median gap is +14.0%; the weakest inside, median stock -12.0% over 21 sessions.

Fund -13.6%S&P 500 -5.2%

Fund, 21 sessions: -19.4%
Median stock, 21 sessions: -12.0%
Below fair value: 71.8%
Median gap: +14.0%

All figures and the widest gaps

What the market did

Fund, 63 sessions: -13.6%
Above 50-session average: 37%
Implied 1-month move: 17.5%
Corr. to S&P 500, 63s: 0.84
Reporting in 14 days: 16

What the model reads

Change on week: +2.1 pts
Prices / fair values: -0.7% / -0.9%

Widest gaps: MKSI +53.1%, DIOD +52.7%, AEIS +52.4% · all 223 ranked

Communication Services

20 of 41 graded

The model's median gap is +4.9%; the fund -6.2% over 21 sessions.

Fund -6.2%S&P 500 -5.2%

Fund, 21 sessions: -6.2%
Median stock, 21 sessions: -3.5%
Below fair value: 60.0%
Median gap: +4.9%

All figures and the widest gaps

What the market did

Fund, 63 sessions: -6.2%
Above 50-session average: 33%
Implied 1-month move: 11.5%
Corr. to S&P 500, 63s: 0.42
Reporting in 14 days: 4

What the model reads

No change on the week: the sector was not graded in both weeks.

Widest gaps: SKYD +36.0%, PINS +23.6%, CMCSA +14.0% · all 41 ranked

Industrials

181 of 216 graded

The model's median gap is +3.6%; the fund -3.2% over 21 sessions.

Fund -12.3%S&P 500 -5.2%

Fund, 21 sessions: -3.2%
Median stock, 21 sessions: -0.2%
Below fair value: 59.7%
Median gap: +3.6%

All figures and the widest gaps

What the market did

Fund, 63 sessions: -12.3%
Above 50-session average: 46%
Implied 1-month move: 11.8%
Corr. to S&P 500, 63s: 0.63
Reporting in 14 days: 14

What the model reads

Change on week: -1.0 pts
Prices / fair values: +2.1% / +1.9%

Widest gaps: STRL +55.5%, SKYW +45.5%, ECG +45.0% · all 216 ranked

Consumer Defensive

64 of 80 graded

The model's median gap is +0.7%; the strongest inside, median stock +12.9% over 21 sessions.

Fund +7.2%S&P 500 -5.2%

Fund, 21 sessions: +11.7%
Median stock, 21 sessions: +12.9%
Below fair value: 51.6%
Median gap: +0.7%

All figures and the widest gaps

What the market did

Fund, 63 sessions: +7.2%
Above 50-session average: 75%
Implied 1-month move: 10.5%
Corr. to S&P 500, 63s: -0.01
Reporting in 14 days: 8

What the model reads

Change on week: -0.4 pts
Prices / fair values: +0.9% / +0.5%

Widest gaps: DLTR +44.8%, ACI +43.9%, STRA +41.3% · all 80 ranked

Basic Materials

52 of 77 graded

The model's median gap is +0.4%; the fund +6.8% over 21 sessions.

Fund -1.0%S&P 500 -5.2%

Fund, 21 sessions: +6.8%
Median stock, 21 sessions: +5.1%
Below fair value: 51.9%
Median gap: +0.4%

All figures and the widest gaps

What the market did

Fund, 63 sessions: -1.0%
Above 50-session average: 49%
Implied 1-month move: 12.1%
Corr. to S&P 500, 63s: 0.41
Reporting in 14 days: 3

What the model reads

Change on week: -0.7 pts
Prices / fair values: +2.5% / +2.5%

Widest gaps: EMN +37.4%, MTRN +25.8%, STLD +21.8% · all 77 ranked

Healthcare

109 of 158 graded

The model's median gap is 0.0%; the fund +9.5% over 21 sessions.

Fund +11.6%S&P 500 -5.2%

Fund, 21 sessions: +9.5%
Median stock, 21 sessions: +7.1%
Below fair value: 50.5%
Median gap: 0.0%

All figures and the widest gaps

What the market did

Fund, 63 sessions: +11.6%
Above 50-session average: 75%
Implied 1-month move: 12.4%
Corr. to S&P 500, 63s: 0.30
Reporting in 14 days: 8

What the model reads

Change on week: +1.4 pts
Prices / fair values: +0.8% / +1.0%

Widest gaps: UHS +43.3%, CRL +32.3%, IQV +32.2% · all 158 ranked

Consumer Cyclical

127 of 186 graded

The model's median fair value sits below the price; the fund +5.6% over 21 sessions.

Fund -1.9%S&P 500 -5.2%

Fund, 21 sessions: +5.6%
Median stock, 21 sessions: +12.9%
Below fair value: 47.2%
Median gap: -1.0%

All figures and the widest gaps

What the market did

Fund, 63 sessions: -1.9%
Above 50-session average: 74%
Implied 1-month move: 13.3%
Corr. to S&P 500, 63s: 0.71
Reporting in 14 days: 18

What the model reads

Change on week: +0.7 pts
Prices / fair values: +2.5% / +2.3%

Widest gaps: TRIP +57.0%, RRR +49.1%, EAT +43.1% · all 186 ranked

Utilities

49 of 56 graded

The model's median fair value sits below the price; the fund +5.2% over 21 sessions.

Fund -0.7%S&P 500 -5.2%

Fund, 21 sessions: +5.2%
Median stock, 21 sessions: +9.5%
Below fair value: 44.9%
Median gap: -1.8%

All figures and the widest gaps

What the market did

Fund, 63 sessions: -0.7%
Above 50-session average: 80%
Implied 1-month move: 7.2%
Corr. to S&P 500, 63s: 0.08
Reporting in 14 days: 4

What the model reads

Change on week: +0.6 pts
Prices / fair values: +1.9% / +1.0%

Widest gaps: POR +35.6%, PCG +26.3%, VST +23.8% · all 56 ranked

Financial Services

135 of 226 graded

The model's median fair value sits below the price; the fund +7.0% over 21 sessions.

Fund -0.2%S&P 500 -5.2%

Fund, 21 sessions: +7.0%
Median stock, 21 sessions: +5.7%
Below fair value: 43.7%
Median gap: -3.5%

All figures and the widest gaps

What the market did

Fund, 63 sessions: -0.2%
Above 50-session average: 62%
Implied 1-month move: 9.7%
Corr. to S&P 500, 63s: 0.53
Reporting in 14 days: 9

What the model reads

Change on week: -0.8 pts
Prices / fair values: -0.4% / -0.2%

Widest gaps: OZK +47.7%, WAFD +41.3%, TBBK +39.3% · all 226 ranked

Real Estate

86 of 109 graded

The model's narrowest gap to fair value this week; the fund +9.2% over 21 sessions.

Fund -1.5%S&P 500 -5.2%

Fund, 21 sessions: +9.2%
Median stock, 21 sessions: +7.9%
Below fair value: 37.2%
Median gap: -9.2%

All figures and the widest gaps

What the market did

Fund, 63 sessions: -1.5%
Above 50-session average: 69%
Implied 1-month move: 9.1%
Corr. to S&P 500, 63s: 0.38
Reporting in 14 days: 5

What the model reads

Change on week: +0.5 pts
Prices / fair values: +1.2% / +1.0%

Widest gaps: DOC +55.8%, NXRT +50.1%, BFS +48.2% · all 109 ranked

Performance and risk, from the sector funds

11 figures per sector, sortable

Price returns from the SPDR sector funds, dividends excluded, in trading sessions to the close of 5 Nov 2026. Those funds are cap-weighted large caps on GICS sectors; the model's names are equal-weight and include mid and small caps on the model's own sector labels, so the two will disagree. Fund per sector: Technology XLK, Communication Services XLC, Financial Services XLF, Healthcare XLV, Energy XLE, Consumer Cyclical XLY, Consumer Defensive XLP, Basic Materials XLB, Industrials XLI, Real Estate XLRE, Utilities XLU.

Sector	1 week (5)	1 month (21)	3 months (63)	6 months (126)	1 year (252)	Year to date	Off 252-session high	Vol, 63	Vol, 252	Corr. S&P, 63	Corr. S&P, 252
EnergyXLE	-10.3%	-2.7%	+7.2%	+10.2%	+41.4%	+37.8%	-12.0%	25.7%	23.3%	-0.12	-0.21
TechnologyXLK	-14.0%	-19.4%	-13.6%	-4.3%	+10.5%	+12.8%	-19.6%	28.6%	28.3%	0.84	0.85
Communication ServicesXLC	+3.1%	-6.2%	-6.2%	-11.1%	-7.5%	-11.4%	-13.1%	19.5%	16.7%	0.42	0.52
IndustrialsXLI	-4.5%	-3.2%	-12.3%	-6.6%	+6.5%	+4.7%	-12.9%	15.7%	17.8%	0.63	0.70
Consumer DefensiveXLP	+3.5%	+11.7%	+7.2%	+8.7%	+20.1%	+17.5%	-0.8%	18.1%	15.8%	-0.01	-0.05
Basic MaterialsXLB	-0.4%	+6.8%	-1.0%	+1.8%	+23.5%	+15.4%	-2.9%	16.3%	18.1%	0.41	0.51
HealthcareXLV	+0.5%	+9.5%	+11.6%	+27.8%	+27.4%	+19.5%	-2.5%	18.9%	16.9%	0.30	0.23
Consumer CyclicalXLY	+1.2%	+5.6%	-1.9%	-1.9%	-1.2%	-1.5%	-5.5%	19.4%	19.8%	0.71	0.76
UtilitiesXLU	+0.4%	+5.2%	-0.7%	-4.0%	-2.5%	+1.4%	-9.3%	15.8%	15.7%	0.08	0.09
Financial ServicesXLF	+1.0%	+7.0%	-0.2%	+11.5%	+9.7%	+5.0%	-2.9%	15.9%	15.2%	0.53	0.54
Real EstateXLRE	+2.9%	+9.2%	-1.5%	-0.2%	+8.2%	+9.8%	-3.7%	15.4%	14.6%	0.38	0.28
S&P 500SPY	-4.7%	-5.7%	-5.2%	+0.2%	+8.6%	+7.5%	-5.9%	13.6%	13.6%	1.00	1.00

Inside the sectors, from the stocks the model covers

7 figures per sector, sortable

Equal-weight figures across the model's names: the median stock's 21-session price return, the spread between the 25th and 75th of those returns, the share of names above their 50-session average, and the engine's own risk figures as sector medians. Beta is how much a stock moves with the S&P 500, with rate moves held constant, measured over the last 252 sessions; idiosyncratic volatility is the stock's own annualised volatility after market and rate moves are removed, over the same 252 sessions; both on US-listed names, 20 or more. The implied one-month move is the options market's 30-day implied volatility for the typical name, scaled to a month.

Sector	Median stock, 21	Spread, 21	Above 50-session avg	Median beta	Median idiosyncratic vol	Implied 1-month move	Reporting in 14 days
Energy72 names	-8.3%	12.8 pts	7%	-0.04	38.1%	14.4%	HP, NOG, OXY, TDW
Technology223 names	-12.0%	39.0 pts	37%	1.34	48.8%	17.5%	AMAT, CART, CSCO, DGII, DLB, DV, ESE, INTU, KLIC, LIF, NVDA, PANW, PLUS, Q, SONO, VSAT
Communication Services42 names	-3.5%	23.1 pts	33%	0.41	35.7%	11.5%	DIS, SSTK, TDS, WMG
Industrials217 names	-0.2%	23.6 pts	46%	0.87	33.4%	11.8%	ARMK, BRC, CPRT, ENR, FLR, J, MATW, MMS, MOG-A, NVRI, POWL, SARO, TDG, TTEK
Consumer Defensive80 names	+12.9%	13.1 pts	75%	-0.14	30.0%	10.5%	BJ, BRBR, EPC, JJSF, POST, TGT, TSN, WMT
Basic Materials77 names	+5.1%	20.5 pts	49%	0.79	33.9%	12.1%	GFF, KOP, SLVM
Healthcare159 names	+7.1%	13.9 pts	75%	0.45	37.1%	12.4%	ANIP, HIMS, HUM, MDT, NHC, OGN, RDNT, ROIV
Consumer Cyclical186 names	+12.9%	15.3 pts	74%	0.62	37.5%	13.3%	ATMU, BBWI, BKE, CAVA, GAP, HD, HZO, LOW, LQDT, LZB, PDD, ROST, SBH, TJX, VVV, WEN, WSM, WWW
Utilities56 names	+9.5%	8.1 pts	80%	-0.23	18.9%	7.2%	CEG, HE, NJR, UGI
Financial Services227 names	+5.7%	10.0 pts	62%	0.44	25.2%	9.7%	BEN, BRK-B, CG, ESNT, EZPW, GNW, KKR, MKTX, PRAA
Real Estate109 names	+7.9%	9.0 pts	69%	0.17	22.2%	9.1%	CTRE, MMI, MRP, SHO, STWD

What each sector moves with

six correlations per sector and the sector to sector grid

63-session correlations of daily returns between each sector fund and the S&P 500, Treasuries (IEF), high-yield credit (HYG), gold, copper and the VIX.

Sector	S&P 500	Bonds	Credit	Gold	Copper	VIX
EnergyXLE	-0.12	-0.22	-0.28	-0.33	-0.04	-0.01
TechnologyXLK	0.84	-0.15	0.41	0.20	0.44	-0.78
Communication ServicesXLC	0.42	0.12	0.32	0.20	0.04	-0.24
IndustrialsXLI	0.63	-0.01	0.24	0.28	0.24	-0.60
Consumer DefensiveXLP	-0.01	0.48	0.13	0.01	-0.19	-0.03
Basic MaterialsXLB	0.41	0.36	0.36	0.34	0.32	-0.46
HealthcareXLV	0.30	0.36	0.31	0.14	0.09	-0.34
Consumer CyclicalXLY	0.71	0.30	0.52	0.44	0.32	-0.65
UtilitiesXLU	0.08	0.52	0.27	0.11	-0.01	-0.06
Financial ServicesXLF	0.53	0.32	0.36	0.35	0.17	-0.47
Real EstateXLRE	0.38	0.51	0.45	0.32	0.13	-0.35

Sector to sector, 63 sessions

	XLK	XLC	XLF	XLV	XLE	XLY	XLP	XLB	XLI	XLRE	XLU
XLK	1.00	0.10	0.11	-0.09	-0.02	0.31	-0.45	0.08	0.56	0.04	-0.07
XLC	0.10	1.00	0.42	0.24	-0.34	0.51	0.21	0.20	0.02	0.28	-0.10
XLF	0.11	0.42	1.00	0.52	-0.15	0.71	0.56	0.59	0.45	0.68	0.32
XLV	-0.09	0.24	0.52	1.00	-0.12	0.51	0.60	0.49	0.05	0.46	0.11
XLE	-0.02	-0.34	-0.15	-0.12	1.00	-0.35	-0.11	-0.05	0.01	-0.22	-0.03
XLY	0.31	0.51	0.71	0.51	-0.35	1.00	0.44	0.67	0.47	0.60	0.20
XLP	-0.45	0.21	0.56	0.60	-0.11	0.44	1.00	0.55	0.00	0.56	0.38
XLB	0.08	0.20	0.59	0.49	-0.05	0.67	0.55	1.00	0.43	0.51	0.26
XLI	0.56	0.02	0.45	0.05	0.01	0.47	0.00	0.43	1.00	0.34	0.31
XLRE	0.04	0.28	0.68	0.46	-0.22	0.60	0.56	0.51	0.34	1.00	0.54
XLU	-0.07	-0.10	0.32	0.11	-0.03	0.20	0.38	0.26	0.31	0.54	1.00

What the model reads on the whole list

55.1% of the 1,061 graded US stocks the model covers trade below its fair value at the close of 5 Nov 2026, and the median gap to fair value is +2.3%. 1,441 US stocks are valued; the 1,061 pass the sitewide reliability rule, a high or medium evidence grade, no data flag and a gap inside 60%. Against last week, on the 1,027 names graded in both, the median gap moved 0.0 points: prices +1.0%, fair values +0.9%.

Share of graded US stocks below the model's fair value, by weekly valuation, at the prices of each run, 11 Jul 2026 to 31 Oct 2026. Dashed line: 26 Sep 2026, when banks, insurers and REITs received a grade and entered the count.

The points behind the line

17 weekly valuations, sortable

Valuation	Graded of valued	Below fair value	Median gap	Change on week, pts	Prices moved	Fair values moved
31 Oct 2026	1,085 of 1,448	55.0%	+1.5%	0.0	+1.0%	+0.9%
24 Oct 2026	1,099 of 1,457	53.6%	+1.1%	-0.1	+1.4%	+1.4%
17 Oct 2026	1,107 of 1,459	53.1%	+0.9%	-0.3	+1.4%	+1.3%
10 Oct 2026	1,102 of 1,465	53.8%	+1.2%	0.0	+0.1%	+0.2%
3 Oct 2026	1,095 of 1,466	53.7%	+1.2%	-0.1	-0.4%	-0.3%
26 Sep 2026banks, insurers and REITs received a grade and entered the count	1,046 of 1,465	54.4%	+1.6%	+0.2	-0.1%	-0.3%
19 Sep 2026	919 of 1,462	57.1%	+2.1%	-0.1	-1.6%	-1.7%
12 Sep 2026	939 of 1,463	57.2%	+2.1%	+0.7	-2.0%	-1.9%
5 Sep 2026	936 of 1,464	55.1%	+1.6%	+0.3	-0.3%	-0.3%
29 Aug 2026	942 of 1,467	54.9%	+1.3%	-0.4	-0.8%	-1.4%
22 Aug 2026	918 of 1,468	54.4%	+1.9%	+0.2	-1.3%	-1.3%
15 Aug 2026	907 of 1,468	55.2%	+1.8%	-0.8	+0.6%	+0.5%
8 Aug 2026	919 of 1,492	57.5%	+2.7%	+0.1	+3.0%	+3.2%
1 Aug 2026	927 of 1,494	57.4%	+2.7%	+1.1	+0.2%	+0.7%
25 Jul 2026	934 of 1,509	55.4%	+1.7%	-0.5	+0.2%	+0.1%
21 Jul 2026	951 of 1,510	56.2%	+2.3%	0.0	-0.1%	-0.3%
11 Jul 2026	957 of 1,516	55.1%	+2.2%

Each week is that week's model and that week's prices. On 26 September banks, insurers and REITs received a grade and entered the count. The change on the week is on the names graded in both weeks.

The share says what the model concluded about the stocks that week, and nothing about what the market did after.

What the model reads, sector by sector

On the 31 Oct 2026 valuations, counting only names that pass the sitewide reliability rule (a high or medium evidence grade, no data flag, a gap inside 60%): the share of graded names trading below the model's fair value and the model's median gap to fair value across them. No figure for a sector with fewer than 20 graded names. The change on the week is split into what prices did and what the model's fair values did, on the names graded in both weeks.

Energy81.4% of 59

Technology71.8% of 181

Communication Services60.0% of 20

Industrials59.7% of 181

Consumer Defensive51.6% of 64

Basic Materials51.9% of 52

Healthcare50.5% of 109

Consumer Cyclical47.2% of 127

Utilities44.9% of 49

Financial Services43.7% of 135

Real Estate37.2% of 86

Share of each sector's graded names below the model's fair value, 31 Oct 2026 valuations, in the order of the cards

The table behind the board

six figures per sector, sortable

Sector	Graded of valued	Below fair value	Median gap	Change on week, pts	Prices moved	Fair values moved
Energy	59 of 72	81.4%	+17.7%	+1.6	+1.3%	+1.3%
Technology	181 of 223	71.8%	+14.0%	+2.1	-0.7%	-0.9%
Communication Services	20 of 41	60.0%	+4.9%
Industrials	181 of 216	59.7%	+3.6%	-1.0	+2.1%	+1.9%
Consumer Defensive	64 of 80	51.6%	+0.7%	-0.4	+0.9%	+0.5%
Basic Materials	52 of 77	51.9%	+0.4%	-0.7	+2.5%	+2.5%
Healthcare	109 of 158	50.5%	0.0%	+1.4	+0.8%	+1.0%
Consumer Cyclical	127 of 186	47.2%	-1.0%	+0.7	+2.5%	+2.3%
Utilities	49 of 56	44.9%	-1.8%	+0.6	+1.9%	+1.0%
Financial Services	135 of 226	43.7%	-3.5%	-0.8	-0.4%	-0.2%
Real Estate	86 of 109	37.2%	-9.2%	+0.5	+1.2%	+1.0%

The model's figures say what the model concluded about the sector's stocks, and nothing about the sector's returns.

The board

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Sector by sector

What the market did

What the model reads

What the market did

What the model reads

What the market did

What the model reads

What the market did

What the model reads

What the market did

What the model reads

What the market did

What the model reads

What the market did

What the model reads

What the market did

What the model reads

What the market did

What the model reads

What the market did

What the model reads

What the market did

What the model reads

Performance and risk, from the sector funds

Inside the sectors, from the stocks the model covers

What each sector moves with

Sector to sector, 63 sessions

What the model reads on the whole list

The points behind the line

What the model reads, sector by sector

The table behind the board

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