Q1 Was Great — But Cracks Are Showing


The first quarter is coming to a close. A great one, but cracks are emerging.

The S&P 500 is up over 11 percent this quarter, but there is a wide dispersion of results.

The good news: the market leader, Technology, up nearly 21 percent, holding up well, along with several other sectors:

Tech +20.96% near highs

Cons. Discretionary +14.16% near highs

Health Care +7.15% near highs

Cons. Staples +3.69% near highs

But: warning! The other big market leader, Financials (up 20 percent) has been slipping, and the slowing global growth story has really crimped Industrials, Materials, and Energy...

Financials +20.14% topped 2 weeks ago

Industrials +9.27% topped in Feb

Materials +8.99% topped in Feb.

Energy +1.68% topped in Feb; rolling over

Telecom -0.36% topped week ago; rolling over

Utilities -3.77% down for quarter

I'm most worried about Energy, which has been battered by low natural gas prices as well as the slowing global growth story in the last couple days. Energy topped in the last week of February and is down 6 percent since then.

More from CNBC:


Want updates whenever a Trader Talk blog is filed? Follow me on Twitter: twitter.com/BobPisani.

Questions? Comments? tradertalk@cnbc.com