Energy

Trader predicts further market rotation

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The rotation out of technology may be facing yet another catalyst.

If energy’s outperformance persists, it could force more investors to rebalance their portfolio, leaving tech behind in favor of the former laggard, Miller Tabak’s Matt Maley told CNBC’s “Trading Nation” on Tuesday.

Oil prices fell Wednesday to around $62 a barrel after hitting two-month highs in Tuesday’s trade.

“If you get up into the $67-68 range, that’s going to confirm a multiyear breakout in the underlying commodity and that’s going to be really bullish,” said Maley, his firm’s chief market strategist.

Though energy stocks are starting to get overbought after significant year-to-date outperformance, another breakout…



Source cnbc.com

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