QuiCQ 25/03/2024
EnergAIzed!
New Function!
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"I never won a fight in the ring; I always won in preparation."
-- Muhammad Ali
Believe in the future of AI? Then buy energy stocks! AI systems are notorious for their gargantuan electricity needs. Is it only spurious correlation then that energy stocks have been creeping higher as the chatter about AI is becoming louder by the day? Perhaps. In any case, the chart below showing the Energy Select Sector SPDR ETF (XLE) looks very bullish to me, with two resistance points in the immediate vicinity and the 2014 all-time-high less than 10% away. PLUS, as the inset seasonal heatmap shows, April has been by far the best month for XLE over the past 30 years. Got longs?
