Health Care Select Sector SPDR Fund (XLV)

XLV has climbed about 13% above its longer-term price trend, its widest gap in months.

What is going on right now?

The price has risen steadily and sits near the top of its recent range, after gaining roughly a tenth of its value so far this year.

How is the business itself doing?

This holds only healthcare companies. Nearly half the money sits in just five names, with Eli Lilly alone making up about 15%. It costs very little to hold: roughly 8 cents a year for every $100.

What stands out?

It tends to move about half as much as the broader market on any given day, so it has been one of the calmer pieces in most people's mix.

What comes next?

Eli Lilly's next earnings report matters a lot here, since that single company is the largest slice by far.