Tech Remains Vulnerable
Once again, there were no covered options that set up.
Continue to remain patient until conditions improve.
Software
(
$GSO.X |
Quote |
Chart |
News |
PowerRating) appears to be
stalling out in its rally from lows. This suggests that its downtrend remains
intact. Look for buying opportunities in puts and put spreads here.
Internet
(
$DOT.X |
Quote |
Chart |
News |
PowerRating) and
(
$IIX.X |
Quote |
Chart |
News |
PowerRating)
looks poised to resume its downtrend from a pullback from lows. Look for buying opportunities in
puts and put spreads here.
Telecom
(
$XTC.X |
Quote |
Chart |
News |
PowerRating) is in day two of a shallow pullback from lows and looks poised
to resume its strong downtrend. Look for buying opportunities in puts and
put spreads here.
Looking
Ahead/Follow Up
On the
long side, the banks
(
$BKX.X |
Quote |
Chart |
News |
PowerRating) remain strong and may set up as pullbacks
over the next few days.
Consumer
non-durable
(
$CMR.X |
Quote |
Chart |
News |
PowerRating), mentioned recently, broke to new highs on an
expansion of range on Tuesday. If you took any trades here, you might want to
lock in a piece of the profits.
Best of
luck with your trading on Wednesday!
P.S. Reminder:
Protective stops on every trade!