Here is the data:
|Sector|Hot (9)|Cool (12)|In-line (7)|Hot − Cool (Delta)|
|:-|:-|:-|:-|:-|
|Utilities|−0.69%|\+0.60%|\+0.12%|**−1.29%**|
|Real Estate|−0.70%|\+0.18%|−0.02%|**−0.88%**|
|Industrials|−0.36%|\+0.50%|\+0.42%|**−0.87%**|
|Technology|\+0.02%|\+0.83%|\+1.07%|**−0.81%**|
|Financial Services|−0.33%|\+0.23%|\+0.16%|−0.56%|
|Basic Materials|−0.05%|\+0.29%|\+0.17%|−0.34%|
|Communication Svcs|−0.17%|\+0.06%|\+1.14%|−0.23%|
|Consumer Cyclical|−0.13%|\+0.02%|\+0.77%|−0.15%|
|Energy|−0.11%|−0.12%|\+0.85%|\+0.01%|
|Healthcare|\+0.01%|−0.23%|−0.29%|\+0.23%|
|Consumer Defensive|\+0.09%|−0.36%|−0.11%|\+0.44%|
So I guess I'll be buying some puts on Real Estate / Utilities instead of generic SPY.
I believe inflation will run hot in May and I want to capitalize on this.
Note, if you believe otherwise you can run the analysis the other way around.
nfa