Aggressive selling continues in tech stocks: The technology sector ETF, XLK, posted -$8.7 billion in outflows over the last month, the largest withdrawal of any S&P 500 sector. This was followed by the energy sector ETF, XLE, at -$1.0 billion, and the communication services sector ETF, XLC, at -$500 million. The financial sector ETF, XLF, attracted +$2.1 billion in inflows, the largest intake among all sectors. Furthermore, the healthcare ETF, XLV, and the utilities ETF, XLU, attracted +$800 million and +$600 million in inflows, respectively. Healthcare, energy, and financial ETFs have been the best-performing sectors over the last month, gaining +7.4%, +6.3%, and +4.5%, respectively. Over the same period, XLK has declined -5.4%, making it the worst-performing sector. Technology stocks are taking a breather.(The Kobeissi Letter)