Today's upside acceleration in the XLE (Energy Select Spdr) to new recovery rally highs at 55.98 (so far) also has hurdled prior rally peaks from 4/03 and 3/30, and has triggered stops that also has contributed to driving the energy ETF higher this AM. My next optimal target zone is 56.30/60, where my work argues that profits should be taken, and long positions scaled in half. My next higher target is 57.00/20. Only a decline that reverses today's upside breakout and takes out 55.11 will neutralize my still bullish outlook. MJP 04/05/06 12:20 PM ET (56.06)
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