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Energy Select Sector SPDR ETF

5/23/2013, 5:02 AM ET

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Wednesday, May 15, 12:18 PM Stocks resolve a meandering early part of the session to turn decidedly green midday, the Dow +0.5%, the S&P +0.6%, the Nasdaq (weighed by a 3% decline in Apple) +0.3%. Also notably lower are H-P -2.7%, Deere -4.9%, and Energy (XLE -0.2%). Leading higher are the financials (XLF +1%), with Citigroup +2.5% and notching a new 52-week high. Comment!
Tuesday, May 14, 10:42 AM "Contrarians should start buying emerging markets (EEM, DEM, VWO) and think about global energy (XLE) and material companies (XLB) and commodities (DBC)," says BAML's John Bilton, noting a "marked uptick" in concern about China (FXI, CAF) in his firm's latest fund manger survey. One-in-four now consider a Chinese hard landing as the biggest risk to their investment. Where respondents are not fearful? Japan (EWJ, DXJ). (previous) 4 Comments [Global & FX, Commodities]
Tuesday, May 14, 7:21 AM An early look at the BAML May fund manager survey shows hedge fund equity exposure (VTI) at the highest in 7 years, +45%. Commodity exposure (DBC) is a negative 29%. Cash is at 4.3%. Sectors: It's a record-low exposure to energy (XLE) at -17%. Japan (EWJ, DXJ) at +31% is the highest in 7 years. 1 Comment
Monday, May 6, 7:27 AM The S&P 500 (SPY) is fairly valued, says Goldman, but opportunity lies in cyclicals (XLY, XLE, XLI, XLB) which are more undervalued vs. defensives (XLU, XLP, XLV, XTL) than at any time in the last 15 years. "Given the 4 P/E multiple point head start, even a slight valuation normalization should translate into outperformance of cyclicals over defensives during the next 12 months." 1 Comment
Friday, May 3, 12:54 PM Stocks remain sharply higher midday (SPY +1.2%), with the year's leaders - healthcare (XLV +0.7%), utilities (XLU +0.2%), and staples (XLP +0.7%) - lagging, and the year's laggers - industrials (XLI +2.1%), tech (XLK +1.1%), and energy (XLE +1.9%) - leading. Treasurys (TLT -2.1%) are suffering one of their worst days of the year, and broader fixed income (AGG -0.3%). 1 Comment
Friday, May 3, 8:00 AM "We don't want to sell in May and we continue to prefer cyclicals (XLY, XLI, XLB, XLE) ," says JPMorgan's Tom Lee, fully returned to his normal bullish stance. He notes client positioning is "dramatically different" from the heavily long stance of the last 3 years at this time. More, the downturn in gasoline prices could ad 50 bps to GDP in Q2, and the rally in high-yield suggests the economy is set to get stronger. 1 Comment
Monday, April 29, 8:41 AM Credit Suisse remains bearish on the commodity sector, noting years of high prices triggered a capex surge, with new supplies coming on just at the time they're not needed. Mining stocks (XME) may look cheap, says the team, but it's a sector that once it gets oversold tends to remain so. Big-cap oil (XLE)? It tends to outperform only during periods when stocks are falling, credit spreads are rising, or the oil price is spiking - none of which is likely. Comment! [Commodities]
Friday, April 26, 4:54 PM Recent underperformance in Exxon's (XOM) shares is unwarranted and is about to turn a corner, Cowen says, but not everyone on Wall Street agrees. Goldman Sachs is Neutral on XOM following Q1 earnings and sees production declines and reductions in overall cash returns. Deutsche Bank paints the entire integrated oil sector (XLE) with a broad brush: "no growth and declining returns." 2 Comments [Energy]
Friday, April 26, 10:37 AM This week has seen a nice pickup in battered cyclical sectors, as the materials sector (XLB), the year’s second-worst performing group, began today as the week’s top gainer, rising 4.5%. Next was energy (XLE), the year’s third-weakest, up 3.2%. MKM Partners thinks it means the recent gains may morph into sustained momentum, and likes adding June calls in XLB and the oil service ETF (OIH). 1 Comment [Energy]
Friday, April 26, 8:34 AM The beginning of a bigger move? Two of the year's three strongest performing sectors - healthcare (XLV) and consumer staples (XLP) - are down on the week as the three weakest sectors - energy (XLE), materials (XLB), and tech (XLK) - post gains of 3%-4.5%. 2 Comments
Wednesday, April 24, 12:44 PM Stocks take more of a negative tone at midday, the DJIA (DIA) -0.3%, led by 5% declines in both AT&T and Procter & Gamble. Also notably in the red is the healthcare (XLV -1.2%) sector, but financials (XLF +0.5%), energy (XLE +1.4%), and materials (XLB +1.2%) are posting gains. The Nasdaq -0.4%, led by the aforementioned AT&T, Cisco, and Apple. 1 Comment
Thursday, April 18, 3:14 PM The bear market in a gold is a signal China, emerging markets, and commodities (DBC) in general are through leading the markets, argues BAML, which reminds the peak for the metal occurred nearly 2 years ago. "In all scenarios, it's good for the U.S. dollar (UUP)." Looking back at 9 other sharp declines in gold since 1975, the team finds equities rally, led by consumer (XLP, XLY) and energy stocks (XLE) once the metal stabilizes. 1 Comment [Commodities, Global & FX]
Wednesday, April 17, 12:57 PM Energy stocks (XLE -2.8%) trade well below the broader market as crude oil futures plunge after a surprising drop in U.S. distillate supplies and a smaller drop in crude supplies than API data showed. With the U.S. dollar substantially higher, analyst Tariq Zahir sees crude continuing its downward trend. Refiners: VLO -3.9%, TSO -5.6%, PBF -6.3%, CVI -6.8%. Big losers: LPI -5.4%, HLX -5.9%, PDS -6.5%, PWE -5.8%, KOG -4.4%. Comment! [Energy, On the Move]
Tuesday, April 16, 9:25 AM There's not too many surprises in ETF action yesterday, with areas like the bond market (AGG), real estate (IYR), low volatility (SPLV), and pharmaceuticals (IHE) seeing big inflows, and small caps (IWM), energy (XLE), energy exploration (XOP), and materials (XLB) seeing a wave of cash exit. Comment!
Monday, April 15, 11:57 AM It's not as bad as gold, but crude oil is taking a beating too as weaker-than-anticipated economic reports from China deepen demand worries. Goldman Sachs says it has closed its long position in Brent crude with a loss of ~15%, worried prices will come under more pressure as European refining capacity comes back online after routine maintenance. WTI -2.9% to $88.59, Brent -2.6% to $100.45. Comment! [Energy, Global & FX]
Monday, April 15, 11:24 AM A 2.5% move up in Citigroup following earnings is allowing the banks (XLF) to tread water or even move higher in an otherwise bright red tape. Leading the S&P on the downside is the resources sector, XLE -2.9%, XLB -2.5%. S&P 500 (SPY) -0.7%. Comment! [Financials]

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