Sector rotation continues

Yesterday’s winners continue with big moves today. The top gainer Fidelity funds were the Fidelity Select Electronics (FSELX, up +2.90%), the Fidelity Select Computers (FDCPX, up +2.34%) and the Fidelity Select Air Transportation (FSAIX, up +2.14%) funds.

Do these moves represent a bear market rally or a true change in the trend? We’d like to see these funds clearing the 100-day moving average before we can believe that a new bull market is about to start. FSELX has the best chance at this point to enter a bullish uptrending phase.

The weakest Fidelity sector fund was the Fidelity Select Gold (FSAGX, down -1.72%) fund today. It pulled back to the top of the previously held trading range, which can act as a support level. Moving below this support level, however, would not be bullish for gold stocks.

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