Market lower & Energy higher on week

Index & Sector performance 6/13/14

The Market:

After logging a close outside of the Weekly (20, 2, -2) Bollinger Bands in the S&P 500 last week, the S&P 500 finished this week slightly lower.  As we noted last week when it happened, this is a noteworthy event to track in our opinion because it has led to multi-week/month counter trend moves and remains one reason we continue to cautious on the broad market at this time.

While most of the sectors from the WSC Scoreboard finished the trading session higher, it was again Energy (XLE) leading the charge closing up nearly 1% followed by Transportation (IYT) which finished 0.8% higher although these two were trading in opposite directions the majority of the week.  Below we chart the two indices against each other.  Is it possible that we are just now beginning a trend where the XLE outperforms the IYT?

XLE vs IYT spread chart

Economic Calendar week of 6/9/14

Analyst Comments:

Upgrades 6/13/14

Downgrades 6/13/14

Initiations 6/13/14

Price Target Changes 6/13/14