Tuesday, May 18, 2021

Energy stocks turning the corner

“What’s old is new” when it comes to U.S. energy stocks, according to Jonathan Krinsky, chief market technician at Bay Crest Partners LLC. Krinsky compared two exchange-traded funds in a report Sunday to make his case. He cited the ratio between the SPDR S&P Oil & Gas Exploration & Production ETF and the First Trust Nasdaq Clean Energy Green Energy ETF, which plunged 97% between October 2012 and last November. Since then, the ratio has more than doubled. Oil and gas “looks timely to us,” Krinsky wrote, after the SPDR ETF stalled in the past two months.

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