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Extended sectors

Jason Goepfert
2020-05-06

Optimism on an increasing number of sectors has become extended. The 10-day Optimism Index on the popular energy fund, XLE, has crossed above 80 as Troy mentioned in a premium note. According to the Backtest Engine, there have been 12 days since 1999 when it was this high, and two weeks later XLE added to its gains only 1 time (and that was by 0.3%). Even after backing off on Wednesday, it has usually taken more time for sector optimism like this to wear off.

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