Technolgy Set Up
Technology of various forms looks poised to
continue its rally. However, just don’t overstay your welcome as the Vix is
closing in on low for the year (see below).
PowerRating) reversed Wednesday’s
sell off (a) and rallied to close well (b). This action suggests that its
uptrend remains intact. Look for buying opportunities in calls and call spreads
has also formed a high-level cup and handle. This action suggests that its
uptrend from major lows remains intact. Look for a buying opportunity here.
For you OEX
traders, the VIX hit new 3-month lows on Thursday and is closing in on yearly
lows. Don’t fight the tape, but begin looking for buying opportunities in puts
and put spreads on signs of a reversal in price and/or volatility.
luck with your trading on Friday!
Protective stops on every trade!