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Earlier this week we mentioned the pick up in buying in the energy sector with $XLE breaking a short-term downtrend line and reclaiming its 50-day MA. The iShares Dow Jones Transportation ($IYT) has also perked up after breaking a year long downtrend line. There is no actionable setup right now, as we’d like to see $IYT form a 5-10 week base while holding above 92.00. An eventual breakout from this base would be the ideal entry point.

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