One leading S&P 500 sector just posted its best win streak in more than a year (via TradingNation)
. The sector is expected to post 114% earnings growth in its second quarter, according to S&P Global estimates.
"We remain overweight the sector. We think this is a really good place to be in the market," said Chiavarone. Craig Johnson, chief market technician at Piper Sandler, says the charts support more upside for materials, too. "We are just in the process of closing above this kind of $83 level. If we close back above this 50-day moving average, we could see a move all the way back up to $89," Johnson said during the same interview. "Steel stocks are making new highs, you're seeing the aluminum companies very strong, there's a lot of things inside of this XLB that look quite strong."The XLB ETF closed Friday just above $84. A move to $89 implies 6% upside.
"Then we also need to keep into consideration what the dollar is doing. There's been a negative correlation between the XLB and the dollar, and if the dollar continues to weaken that's only going to further underpin the strength of what we're going to see in the XLB," said Johnson.
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