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Two weeks ago I wrote an article in which I argued that the iShares U.S. Energy ETF (IYE) was headed lower. Since then, shares have moved lower by a little over 1%. It’s not much, but I believe it’s the beginning of a much larger move. It is my thinking that in the coming weeks we will see IYE hit new lows and that any remaining long positions in the ETF should be removed.
The Instrument
If you’re unfamiliar with IYE, a simple glance at its holdings tells the story pretty well. IYE