Banks Still Vulnerable?
The Banks
(
$BIX.X |
Quote |
Chart |
News |
PowerRating) continue to
rally sharply from lows. However, it still looks like they have the potential to
rollover. Therefore, look for buying opportunities in puts and put spreads
here but wait for follow through to the downside.
Broker/dealer
(
$XBD.X |
Quote |
Chart |
News |
PowerRating) also remain
strong but still look poised to rollover from a pullback from lows. Continue to
look for buying opportunities in puts and put spreads here.
Biotech
(
$BTK.X |
Quote |
Chart |
News |
PowerRating) was strong on Tuesday
but still looks vulnerable longer-term. Continue to look for buying opportunities in puts and put spreads here.
Looking Ahead
Once again, major drugs
(
$DRG.X |
Quote |
Chart |
News |
PowerRating) continue their
melt up from lows. It now looks like they may have enough momentum to clear
recent overhead resistance. Therefore, they could set up on the long side soon.
Best of
luck with your trading on Wednesday!
P.S. Reminder:
Protective stops on every trade!