Energy Stocks Bounce

10/30/2008 9:18 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

chart

The crude oil market rallied Wednesday, with energy stocks and ETFs like XLE closing higher. The RS chart shows XLE outperforming the S&P until July, then underperforming after the uptrend was broken. Right now, XLE is testing its downtrend, but it is too early to suggest it will start to outperform.