Cyclicals - is this just the beginning?

Cyclicals - breaking up

Cyclicals, here represented by XLI has been on fire lately. This ETF surged from October lows, consolidated at highs, and managed breaking up on Friday. Watch the XLI and related plays closely. Second chart shows the XLI vs the SPX. We perceive the consensus view to be that this cyclical rally has gone too fast and too far, but the following long-term charts might suggest that we are just getting started.