The Fred Report - Sector Review May 2013
Since the last sector review, the SPY has exceeded our objective of 156 - 161 for this rally, but by less than 4%. Sentiment models have gone negative. However, other technical measures have not yet begun to deteriorate as they would in a major topping configuration. While it continues to look as if the first half of 2013 may be stronger than the second, for this rally to continue at the same rate we should see some improvement in economic numbers. This implies sector rotation and XLE could be the main beneficiary of this for both seasonal and economic reasons.
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