Sector sitting is at an all-time high and has more room to run, technician says
div > div.group > p:first-child"> Last week, for the first time since 2016, all three major indexes closed lower every single trading session. Markets were inching higher Monday. One top technician says now might be the time to look for a big payoff in one of the markets' safest spaces.
The S&P Utilities ETF, the XLU, has drastically outperformed the broader S&P 500 during the past year — gaining nearly 17 percent compared with a flat S&P 500. Worth says that, given falling bond yields all over the world, now could be the time to move assets into a part of the market that is making fresh all-time highs.
Worth also pointed out that this sector has continued to outperform despite difficulties faced by some of its major constituents. Hurricanes and wildfires wreaked havoc on some of the biggest names in the utilities space in 2018, and yet the sector is still adhering to its uptrend.
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