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Feature Article

The Macro View: One Big Positive, Two Reasons for Caution

By Roger S. Conrad on Jun. 9, 2019

On May 24, the Dow Jones Utility Average made a new all-time high. Over the next week or so it followed the S&P 500 lower, testing its 50-day moving average on several occasions before breaking out to another new high last week. That’s a stark contrast with the broad market, which has been alternatively puncturing support and failing to break resistance.

Most of us invest utilities and essential services stocks for rising income and long-term capital growth. So it’s fair to ask why we should care about what are essentially very short-term trading patterns.

I have three reasons. First, this is the longest-lived and most explosive bull market for utilities since World War II. Check out our table “Utilities’ Post-War Ups and Downs.”

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