The First Trust ISE Global Wind Energy ETF (FAN) broke out to a 41-week high, and Wind moved up to 67 on our Thematic Scorecard Ranks. Utilities, which make up 56% of FAN, are showing improving margins in the U.S. and European Utilities' advancing ROE support the sector's relative momentum. USD weakness and declining global bond yields would act as additional tailwinds; however, absent additional economic or equity deterioration, we believe it premature for a bullish Wind position.
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