Running On Empty: 1 Sector That Looks Bearish
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…
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