As crude oil pulls back to the upper $80’s, the broader stock market cheers.
Is this right? We really don’t know just yet.
That said, the financials sector seems to be saying that things are alright.
Below we share a chart of the Financial Sector ETF (XLF), highlighting a recent breakout to new highs. Bullish indeed.
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$XLF Financial Sector ETF Chart
As you can see, XLF is breaking out to new multi-month highs. This should lead to a re-test of the January highs.
Twitter: @andrewnyquist
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
