Descripción
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This is supposed to be a defensive sector - well done.
The structure of this impressive rally for a sector that was historically boring is showing signs of possible completion....
XLP can't be that far from a decent correction or at least multi month flat trading.
Rates very low for long is probably the explanation... there is a limit to how far that can justify more progress.
Trading: Short 20% at 49 stop 55 (large enough, to avoid managing crystallization but would reconvene if something different occurs)