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General Electric (GE) is having a rough year, it's stock falling 14% year to date, but its under performance doesn't make the Industrial Select Sector SPDR (XLI) any less attractive, according to analysts at Oppenheimer. 

"Relative to the S&P 500, we expect the Industrials SPDR (XLI) to regain its leadership role given the bullish slope of the ETF's smoothed trend," analyst Ari Wald wrote. "With GE, the largest weighting in the sector, acting relatively weak, we think this is another case that underlying market trends are becoming less correlated, and there's greater opportunity in active selection."

GE shares were down nearly 1% in morning trading Tuesday. 

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