Meta Kills XLC

The rally in the market could have a bit more to go, but Meta all but killed the XLC trade following weak earnings. Weakness in the chart also makes it a good short candidate as soon as the market turns. I went looking for gaps. There's a big one that runs from $26.53 up to near $33 per share.

Here is Meta ratio with XLC and QQQ. I was expecting Meta could outperform QQQ, and had it, the XLC would easily be well into the green now. Instead, a small loss here. Earnings are a nice excuse, but other firms reported bad results and still rallied.