Utilities Breaking Out

12/02/2009 9:39 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

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The utility sector was strong on Tuesday as sector ETF XLU gapped higher and closed above year-long resistance on higher volume. Further gains are needed to confirm the breakout. This suggests that further sector rotation to lower beta stocks is taking place as XLU yields over 4%. The major 50% resistance is at $33.70.

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