2020 could be the year energy finally rallies, according to Cornerstone Macro's Carter Worth.
"Energy's historical weighting is 9.5%. We're never going to get there again, I don't think, but here, at this level of four and change, I think we're going to move back toward 5.5 or 6% of the S&P," said Worth."Has it broken above that downtrend? You're darn right it has," said Worth.
"Has it come out of this, sort of, wedge to the upside? Yes. Can we call it a certain formation, a little double bottom? Yes. Can we call it a head-and-shoulders bottom? Yes. It all implies: higher. I think you want to be long this area of the market, and you can use XLE as your vehicle."
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