He said the energy ETF made its high ahead of the market on March 31, compared with May 2 for the S&P 500, “and may now be doing the same with respect to the termination of the current correction.”
The fund “made a low on May 17 and then formed a base which is now confirmed with today’s rally. On the other hand, the S&P 500 continues to trail the XLE as it made a new low this morning,” Coe wrote.
Halliburton represents more than 3% of the energy ETF.
