Monday, May 20, 2013

Some good gassy news:

I was away for a week and got back just in time to see some goods news for the Canadian energy sector.

In the last post we looked at the US 10-yr T-bond yields at 1.76% and the Select SPDR Energy ETF (XLE) which was breaking up and out of a large bullish symmetrical triangle. Now today’s good news on the U.S. allowing LNG exports has got the natural gas producers participating to boost the broader energy sector ETFs. The TSX was closed today but in the U.S inter-listed Canadian gassy CNQ and ECA jumped about 5% so look for our TSX listed iShares S&P/TSX Capped Energy Index Fund (XEG) to have a big up day tomorrow. Also that big bullish reversal on gold was good news for the battered gold stocks

Thanks to StockCharts for the Monday action on CNQ

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