Relative Strength From Energy, Global Leadership From Japan

by | Aug 7, 2023

Improving commodity trends help Energy get in gear

This week’s relative strength rankings report shows Old Energy Displaying New Energy. The long-term trend in Energy has yet to turn higher and the sector overall is still below its December high, but it has moved ahead of Technology in our sector rankings for the first time since January. While ETFs related to old energy (OIH, XLE, XOP) are on the rise, clean energy ETFs (TAN, ICLN) are making new lows and are at the bottom of our rankings.

In our asset allocation model, Japan has climbed to the top of our global equity relative trend matrix. Europe and the US are seeing some relative cooling, but the Land Of The Rising Sun Is On The Rise.

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