For investors seeking momentum, Consumer Discretionary Select Sector SPDR Fund (XLY Quick QuoteXLY - Free Report)  is probably on radar now. The fund just hit a 52-week high and is up about 29.3% from its 52-week low price of $91.73/share.

But 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: 

XLY in Focus     

XLY focuses on the consumer discretionary segment of the U.S. market. It has a large-cap focus with key holdings in Internet & direct marketing retail, specialty retail, media, and hotels, restaurants & leisure segments. It charges investors 13 basis points a year and is largely concentrated on Amazon AMZN , which accounts for about one-fourth of the portfolio (see: all the Consumer Discretionary ETFs here ). 

Why the Move? 

The consumer discretionary sector has been an area to watch lately given the slew of positive news flow that has boosted investors’ optimism in the sector. An upbeat job market and decent consumer sentiment along with a dovish Fed have been acting as tailwinds. 

More Gains Ahead? 

Currently, XLY has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook, suggesting that the outperformance could continue for months.

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