Energy Sector ETF Rises to Highest Since 2008
May 7th at 11:31am by John Spence
Energy Select Sector SPDR (NYSEArca: XLE) has been the best-performing sector ETF the past three weeks as the fund tries to break out to its highest level since 2008.
XLE traded as high as $80.98 a share on Tuesday, or a penny higher than the post-crisis high of $80.97 set in March 2011.
The ETF’s top holdings include Exxon Mobil (NYSE: XOM), Chevron (NYSE: CVX) and ConocoPhillips (NYSE: COP).
Since April 16, the energy fund is up 5.6% to lead the nine Select Sector SPDR ETFs, according to StockCharts.
Other cyclical sectors such as materials and technology have been leading the market since mid-April, while defensive ETFs such as consumer staples and utilities are lagging the S&P 500. [Some Sector ETF Charts Pointing to a Cyclical Rotation]
Energy Select Sector SPDR
The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.