There is no question as to where leadership is emanating from in 2021. Below is a chart of the YTD performance of the 11 major S&P sectors. Unless one can not read, it is a glaring difference between the top acting energy space, and the rest. With 2 months complete this year the XLE has easily put up the strongest showing, and it is probably likely to continue. The sector has been the worst performer for 3 years running, and no sector has been the worst behaved 4 years in a row. From 2/1-24 the ETF lost ground just 3 sessions, as it traveled between the round 40-50 numbers. On Thursday the XLE recorded a bearish dark cloud cover candle at more than one year highs. Energy has benefitted from the greenback weakness, and sure enough the UUP rose 1% the last 2 days of the week, and that could be a headwind for the space. I would remain bullish on energy overall, until the dollar can show me some continuous strength.