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Tech ETF (XLK) Hits New 52-Week High

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For investors seeking momentum, Technology Select Sector SPDR Fund (XLK - Free Report) is probably on the radar now. The fund just hit a 52-week high and is up nearly 29.2% from its 52-week low price of $59.03/share.

Are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed.

XLK in Focus

This 65-stock fund looks to track the Technology Select Sector Index. The expense ratio of the fund is 0.13%. Apple, Microsoft and Visa are the top three holdings of the fund (see all technology ETFs here).

Why the Move?

The technology corner of the broad U.S. stock market has been an area to watch lately. The emergence of cutting-edge technology such as cloud computing, big data, Internet of Things, wearables, VR headsets, drones, virtual reality, artificial intelligence and machine learning as well as strong corporate earnings are acting as key catalysts. This went in favor of technology ETFs like XLK.

More Gains Ahead? 

The fund has a Zacks Rank #2 (Buy). Also, it seems that it might stay strong in the near term given a positive weighted alpha of 26.10. As a result, there is still some promise for investors who want to ride on this surging ETF.

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