as you may remember, utilities had topped out in late may ... approximately 2 months ahead of spx (spx put a top in mid july...)
utilities is one of the most rate sensitive sectors and 0.50 cut definitely helping here ... it will be interesting to observe if it can lead the spx on the upside too...
since the downside leadership came 2 months ahead, we may expect a similar delay for the upside maybe?
two charts...
spx 5 year weekly
utilities 1 year daily
Edited by A-ha, 25 September 2007 - 09:22 AM.