Biotech Still In Weak Position
There were no meaningful covered options that set up
tonight (Friday). Remain patient until conditions improve.
On the short side, although biotech
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$BTK.X |
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PowerRating)
was up on Friday, the sector still looks vulnerable. Continue to look for buying
opportunities in puts and put spreads here.
Looking Ahead
Drugs
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$DRG.X |
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PowerRating) and healthcare
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$HCX.X |
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were down sharply on Friday. If they can stabilize early next week, they might
offer buying opportunities. For now though, avoid the sector.
Software
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$GSO.X |
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PowerRating) has begun to rally
off of lows and may provide
shorting opportunities early next week.
Gold and silver
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$XAU.X |
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PowerRating) continues to
rally off of lows. There may be buying opportunities here on the first
pullback.
Best of
luck with your trading on Monday!
P.S. Reminder:
Protective stops on every trade!