Tech Bottom Or Pullback From Lows?
In spite of the money rushing into
technology, drugs
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PowerRating) and healthcare
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PowerRating) were able to
hold up fairly well on Tuesday. Continue to look for buying opportunities in calls and
call spreads here.
On the short side, oil service
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$OSX.X |
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PowerRating)
looks poised to resume its recent meltdown. Look for buying opportunities in
puts and put spreads here.
The
semis
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PowerRating) have now rallied back up (a) to the area of their recent
breakdown (b). Look for buying opportunities in puts and put spreads here on any
resumption of weakness.
Looking Ahead
Gold and silver
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$XAU.X |
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PowerRating) has begun to
pullback. If it can stabilize, there may be a play here on the long side over
the next few days. Be warned, however, this sector has been prone to false
starts over the past few years.
Insurance
(
$IUX.X |
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PowerRating) has now rallied to
new highs. It may provide a buying opportunity on its first pullback.
Internet
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$IIX.X |
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PowerRating) is in a sharp retrace
rally from lows. Should this sector stall over the next few days, it could set
up for shorting opportunities.
Best of
luck with your trading on Wednesday!
P.S. Reminder:
Protective stops on every trade!