Insurance Continues To Melt Up
The Banks
(
$BIX.X |
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PowerRating) still look like they
have the potential to resume their downtrend, but so far, remain strong.
Therefore, look buying opportunities in puts and put spreads
here but wait for follow through to the downside.
Broker/dealer
(
$XBD.X |
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Chart |
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PowerRating) also remains
strong but has yet to rollover. Continue to
look for buying opportunities in puts and put spreads here.
Biotech
(
$BTK.X |
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Chart |
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PowerRating) is another strong
sector, that so far, appears to be just pulling back. Continue to look for buying opportunities in puts and put spreads
here.
Oil service
(
$OSX.X |
Quote |
Chart |
News |
PowerRating) is forming a
pullback from lows. Look for buying opportunities in puts and put spreads here.
Looking Ahead
On Wednesday, major drugs
(
$DRG.X |
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News |
PowerRating)
dropped as technology rallied. For now, it appears that the overhead resistance
still stands. If they can get through this resistance, we can start looking to
the long side here.
In the mother-of-all comebacks, insurance
(
$IUX.X |
Quote |
Chart |
News |
PowerRating)
continues to melt up. Believe it or not, it is now nearly 6% higher than its pre
WTC tragedy level. Geez, I hope Bin Landin isn’t still short. This sector
could set up on the long side on the first pullback.
Best of
luck with your trading on Thursday!
P.S. Reminder:
Protective stops on every trade!