V2 Model Oct. 15, 2022 UPDATE

Recap

It was quite a week for the capital markets. It was also a losing week for the S&P 500 despite a 2.6% gain on Thursday following the September CPI report. One might be inclined to think that the CPI report was good. It was not. Total CPI was up 8.2% year-over-year, versus 8.3% in August, and core CPI, which excludes food and energy, was up 6.6% versus 6.3% in August. That was the highest level for core CPI since August 1982.

Thursday's trade notwithstanding, it was not a good week for a variety of reasons. 

The hardest-hit sectors were consumer discretionary (-4.1%), information technology (-3.2%), utilities (-2.6%), and real estate (-2.4%). The Philadelphia Semiconductor Index, though, fared the worst of all, dropping 8.3%. Those sectors managing gains for the week included consumer staples (+1.5%), which got help from a good report out of PepsiCo (PEP),  health care (+0.8%), and financials (+0.2%).

The V2 Model Portfolio was up this week and we continue to outpace our benchmark of the SP500 by over 32%.  

Performance This Week / YTD

V2 +2.54% / +8.20%

SPY -1.42% / -23.83%

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