In case you haven’t noticed, the Health Care SPDR (XLV) has taken a bullish turn. Chart 1 shows the XLV breaking out of a bullish “ascending triangle” that I described in my February 4 message. At the same time, the XLV/SPX ratio (top of chart) appears to be bottoming. And while biotech and pharmaceutical stocks have improved, healthcare leadership is still coming from other places. That earlier message showed three healthcare ETFs that are leading the healthcare sector higher. Two of those three have since hit new records.