We had a very quiet, low volume week, but the reason why last week was so important was because it could be a set up for a nice opportunity for shorts. We’re still very much neutral with consumer staples, energy, and health care being the most neutral sectors. The financials, materials, consumer discretionary, industrials and tech sectors appear to be exhibiting signs of a bear flag. The utilities sector is the closest to forming an uptrend from here. At the very least, we should expect a pullback. The financial sector shows the most promise for a successful short.
Keep in mind that we have various reports this week, including the all important Employment Situation coming out on Friday. Also, look out for a response from Black Friday’s sales figures and GM’s congressional hearing. All you need to note in the charts are the price/volume divergences in almost every sector and the nearest major support/resistance areas.
Hi (joe here) read your weekly sector preview possibly shorting last night, negativity this morning -- bought SKF 8:40 am and never looked back ! sold before closing for a trade, thank you so much for your insight.
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Hi (joe here) read your weekly sector preview possibly shorting last night, negativity this morning -- bought SKF 8:40 am and never looked back ! sold before closing for a trade, thank you so much for your insight.
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