2 Sectors I’m Watching This Week
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ETF Trade Watch
A new week is kicking off and that means new opportunity to make a great trade. After some weakness last week, the market looks like it could be at a make or break point. CPI data comes out this week which should give the market some direction and, for us, this means plenty of trades for us to make. Let’s take a look at some possible ideas for the week ahead.
Energy Select Sector SPDR ETF (XLE)
The price of oil is quietly climbing higher and higher as the days go on, a look at what could be to come in the not so distant future. If these prices continue to climb, look for oil and energy names to follow closely behind.
One way to approach rising energy prices is to keep your eyes on Energy Select Sector SPDR ETF (XLE) if you are bullish the sector. You can also keep an eye on the stocks that make up this ETF, stocks like, Exxon (XOM), Chevron (CVX), and Schlumberger (SLB). If this sector continues its surge, look for the rest of the market to pullback as is typically the case.
SPDR S&P Biotech ETF (XBI)
This is another ETF I am watching throughout the week. Could be seen as in a slight uptrend, although it has pulled back a bit. However, this pull back was back to a support level, so keep an eye on the level highlighted in the video for what price does in relation to it.
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I look forward to trading with you, but until then, as always…
