Blast From The Past:

Technology via the XLK is the second-best major S&P sector performer up almost 30% YTD, just behind the best acting XLC, which for the most part is tech-related too. The ETF added more than 4% for the fourth time already in 2023. It confidently cleared the round 150 number on a WEEKLY basis, a level of pesky resistance roughly since falling below the figure 13 months ago. It is a very top-heavy fund with the top 2 holdings in MSFT and AAPL making up nearly 50% of the fund. Rounding out the other top 5 components are familiar names with NVDA AVGO and CRM which are all at 52-week highs or just 2% below it. Below is the chart of CSCO that does not receive much attention these days, and it is the 6th largest holding at basically 2.5%. It had a wild session Thursday after its latest earnings reactions, its FOURTH straight positive one, rising a pedestrian 1.2% but showed nice follow-through Friday up nearly another 2%. This week is rose more than 5% and has the look of a double bottom with handle on its WEEKLY chart.

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