Energy Stocks Closed Out This Week Nicely... But Look out Ahead

SPDR Select Sector Fund - Energy Select Sector (AMEX:XLE)

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AMEX:XLE SPDR Select Sector Fund - Energy Select Sector

WEEKLY CHART -- We've been inside this massive bear flag which could very well turn out to be an ascending triangle. I took profits today, expecting a sharp pullback next week. Regardless of the pattern, it seems evident energy stocks need a little sell-off before proceeding higher. Over the weekend I'll be looking at that sector in more detail to identify potential gems going into the next couple weeks.

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Further support:

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