This are the sectors that I usually follow as they usually are active and offer the best trading opportunities in my opinion. So lets see how they behaved this week and what is setting up for the next:
- Oil (USO, XLE, XOP, XES): After the drop and sharp bounce, oil is showing no clear signs of direction, while oil related and energy stocks seem to be pulling back.
- Technology (QQQ,XLK,SMH,NFLX,FB,AMZN): Technology seems to be leading again as Tech indexes are making new highs and sector leader are also moving up with strentgh. Might be good to look for pullbacks in the upcoming weeks.
- Metals (XME,SLX,AA,AKS,X): The sector index is consolidating in a tight triangle formation, the weekly chart suggest that a break to the upside is likely but the popular steel stocks like AKS and X are losing strength and pulling back while Aluminum is showing strength.
- Biotech (IBB,XBI,BLUE,TSRO,CLVS,IONS): The biotech indexes bounced sharply the next couple of days after Trump's negative comments but failed to close strong on friday. Somo stocks seem to be keeping up with the strong move of the past week while other seem ready to pullback or are getting overextended.
