Slope of Hope Blog Posts
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Market is showing a respectable bounce – in essence it is attempting to stop the minor bleeding over the past couple of days. Overall the pullback had little to no volume compared to the run up, and selling was in a very orderly fashion (no fear at all).
I'm looking to add one more trade to the portfolio outside of the one I took this morning in PNR, and right now IACI is at the top of the list.
As always because traders come in all sizes and strategies, I still provide a short setup in case I'm wrong in my bullish thesis for others to take if they so choose to do. This go around, it is ASML which is breaking down nicely off of a (rough) head and shoulders price pattern.
Here's today's Lazy Trades:
LONG: Interactive Corp (IACI)
SHORT: ASML Holdings (ASML)
Originally published on TheTechTrader.com.
Further to my post of September 4th, I would note that the SPX,
XLF, and EEM have recently broken above trendline resistance, as shown
on the Weekly chart below.
chartgrid and the 2-day graph below of the 9
Major Sectors show that profit-taking has occurred since last Friday,
particularly in the riskier Offensive Sectors, while some of the Defensives have
made some gains…Technology and Industrials are in a neutral holding
A break and hold below
trendline support on the SPX, XLF, and EEM may see
further flight from the Offensive Sectors and into the Defensive
Sectors…otherwise, I'd expect to see money flow back
into the higher risk Sectors as they continue their trek
upwards…ones to watch.