Sox Resumes Slide
There were no meaningful covered options that
set up tonight (Friday).
Consumer non-durables
(
$CMR.X |
Quote |
Chart |
News |
PowerRating),
mentioned recently, formed a bullish outside day at new highs on Friday. Look
for buying opportunities in calls and call spreads here.
Insurance
(
$IUX.X |
Quote |
Chart |
News |
PowerRating) recouped much of
Thursday’s losses on Friday. This action forms a high level cup-and-handle-ish
pattern. Look for buying opportunities in calls and call spreads here.
On the short side, the semis
(
$SOX.X |
Quote |
Chart |
News |
PowerRating)
reversed on Friday and closed poorly. This 180 from Thursday suggests that their
downtrend remains intact. Look for buying opportunities in puts and put spreads
here.
Retail
(
$RLX.X |
Quote |
Chart |
News |
PowerRating), mentioned recently, still looks poised
to resume its downtrend. Continue to
look for buying opportunities in puts and put spreads here.
Internet,
basis the Dot
(
$DOT.X |
Quote |
Chart |
News |
PowerRating), still looks poised to resume its strong
downtrend. Look for buying opportunities in puts and put spreads here.
Looking
Ahead
Major
drugs
(
$DRG.X |
Quote |
Chart |
News |
PowerRating), continue to pull back from highs. And in these markets,
many traders need major drugs. Therefore, watch for a setup here over the next
few days.
Best
of luck with your trading on Monday!
P.S. Reminder:
Protective stops on every trade!