The situations when the broad market and defensive sectors move in the same direction are quite rare - on normal market :-). The reason - participants reshufflle their money. We're now experiencing this unusual situation. Looks like this money just do not want to wait for correction and started to hedge beforehand.
Almost same chart we ahve now in XLU
Almost same chart we ahve now in XLU
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goes expected direction. actually with today upmove in SPY i'd expect a retracement, but so far it did not happen.
