Last week, the yield or income oriented stocks and technology stocks got pounded, utilities fell 2.4%, Equity REITs fell by a similar amount, the longer end of the bond market declined over 2%, and semiconductor stocks fell by over 4%. We believe some of the yield oriented sectors of the market are becoming very attractively valued even with the prospects of the Fed raising interest rates to as high as 2.75% by the end of 2017. In general, we believe there is still downside risk in bonds, utilities, and equity REITs, but some equity REITs are valued below their real estate values currently.

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Market in a Minute 2015-6-30