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Running On Empty: 1 Sector That Looks Bearish


ETF Watchlist

CPI data was released Tuesday morning, showing the inflation rate for February was 6%, below estimates of 6.1%. This new was well received by the market as stocks began Tuesday’s session by pushing higher off the open.

Although this may not mean there is going to be more selloffs in the short term, I still don’t believe the market is out of the woods yet. Since this is a news-driven market, stay vigilant, disciplined, and patient.

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SPDR S&P Oil & Gas Exploration & Production ETF (XOP)

If we were to add a trade to our watch today it would come from the energy sector, as the price of oil appears to be weakening and a break of 72.5 could prompt us to initiate a bearish play on the sector.

We would look to the XOP to ride this decline further. With a rally in the market, at least for now, energy names may begin to suffer as money flows into other areas of the market. Keep this chart handy as you go through your trade watchlist.

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I look forward to trading with you, but until then, as always…

Good Luck With Your Trading!

Christian Tharp, CMT

Christian Tharp

I am an expert stock market coach having helped over 4000 beginner and advanced traders & investors from around the world take control of their financial futures. I also write stock market related articles for the Adam Mesh Trading Group. My Chartered Market Technician (CMT) designation substantiates me as an expert in areas such as the technical analysis of stock trends, market indicators, cycles, price patterns, Elliot Wave principles, Candlestick charting, analyzing financial trends and behaviors, portfolio strategies, and forecasting future price movements. With my straightforward approach to simple, systematic trading, students learn how to strategically assess buy signals and market entry timing, establishment and management of stop losses, and how to employ a simple and disciplined trading approach that creates profits.

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