$XLE was sharply pulling back in 2008 a few months ahead of the market collapse. It was telling market participants that weakness was around the corner. Anyone who took this as cue to exit longs positions was saved from a historic sell off in the stock market and a panicked revaluation of assets. It was, unlike the last 5 years, a great time to be shorting the market.
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Waving The White Flag- Has The Market Finally Topped?
After 5+ years of an amazing bull market, with stocks soaring to record highs, this weeks action, from a technical perspective, could be marking the top. As 2014 progressed we've seen many bears, after miraculously navigating the biggest bull market of our lifetime, throwing in the towel. That in itself should raise the eye brows of market participants.
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