Vix Rises; Tech Slides
Biotech
(
$BTK.X |
Quote |
Chart |
News |
PowerRating), mentioned recently,
still looks like it has the potential to resume its strong uptrend out of a
pullback. Look for buying opportunities in calls and call spreads here but, wait
for signs of strength before considering entries.
On a relative
basis, the major oils
(
$XOI.X |
Quote |
Chart |
News |
PowerRating) held up well on Wednesday. This suggests
that their longer-term uptrend may remain intact. Look for buying
opportunities in calls and call spreads here.
Follow
Up/Looking Ahead
For those who took
recent Vix related OEX trades, you might want to lock in your profit as the Vix
has returned to its moving averages.
Technology such as
the semis, Internet and computer technology appear to be failing. These sectors
may set up soon on the short side as transition patterns.
Best of
luck with your trading on Thursday!Â
P.S. Reminder:
Protective stops on every trade!