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I’m still wondering what the rise to new highs means for XLU (Utility Sector ETF), writes David Fry, founder and publisher of The ETF Digest. All I know is it just made a new high and is much overbought. There must be a helluva lot of merger activities about to unfold.

Utility ETF chart

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Source: Utility Sector Makes New High, Overbought (XLU)