2024-05-13 08:48:49 ET
Summary
- The S&P 500 Utilities sector has performed well recently, with the XLU ETF up 10% in the past month.
- The latest narrative permeating Wall Street desks is that utilities may offer exposure to the artificial intelligence theme.
- But I see shares of Consolidated Edison as fairly valued today, and though ED features a decent chart, a durable breakout is not yet seen.
- After a strong Q1 beat, I highlight key levels on the chart to monitor.
Utilities have taken the market by storm since mid-April. Over the past month, the Utilities Select Sector SPDR ETF (XLU) is up 10%, earning it the top sector spot in that time. So far in 2024, only Communication Services (XLC) beats this often-boring and small slice of the S&P 500. ...
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For further details see:
Consolidated Edison: Below-Sector EPS Growth, Mixed Momentum Trends