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Upside Acceleration in XLE Energy ETF


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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