These 2 Sectors Look Interesting Now
No time for detailed
studies today. Just a few quick comments on the market. Today was
pretty much a nothing day. The S&P 500 and Dow have been consolidating near
their highs for the last few days. The Nasdaq took a break today. I am not
seeing any great short-term advantage one way or the other since we are not
extended in either direction. Key short-term support is 1233 in the SPX and 2165
in the Nasdaq. A break above recent highs could mean another step higher.
I see two notable sectors on my screens. The first is Biotech
(
$BTK.X |
Quote |
Chart |
News |
PowerRating)
, which has been the strongest group in the market over the last month. It
has consolidated nicely over the last 10 days and is near the top of that range.
A break higher should be playable. The second sector I am looking at is
Retail
(
$RLX.X |
Quote |
Chart |
News |
PowerRating). Over the last few days it has pulled back a bit more
than other areas and could be getting primed for a bounce. Wait for entries on
this one.
Sorry for the abbreviated column today. Be back Monday.
Good trading,
Rob
robhanna@comcast.net
P.S. If anyone is interested in receiving the Tradestation code from my
distribution studies published in a few recent columns, just let me know and
I’ll be happy to forward them.
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