Direxion plan to launch a new BEARISH BANK ETF to the mix.
The new NON LEVERAGED fund could be a competitor to the Proshares SHORT Financials ($SEF).
The new fund would track the results of the Financial Select Sector Index, the same index tracked by the Financial Select Sector SPDR, instead of the Russell 1000 Financial Services Index which $FAZ tracks.
The full article is here:
Direxion Files Plans to Introduce Another Bearish Bank ETF (FAZ, FAS, XLF)
Swing Trading Blog – Swing Trading Boot Camp
Happy New Year!
Well the market started out the week on a good note as traders watch the market GAP UP after Mondays day off.
The big GAP UP was followed by three days of sideways trading.
Not much in the way of sector movement either but one sector is making new multi month highs.
The Homebuilders ETF (XHB) continues to move higher and is showing extreme relative strength.
(My Esignal charts are acting up so I will post them once they are back to normal).
There were a few stocks that sprung to life this week.
Keep $JAZZ $ATMI $MRVL $LULU $MDT and $M on your watch list for next week.
Watch for the market to breakout from this past 4 day consolidation period and have stocks on your list so you can act accordingly.
Until next week….Good Trading to YOU!
Swing Trading BLOG – Swing Trading BOOT CAMP
The BIG GAP DOWN we saw on Monday extended the month long correction we have seen in the overall market.
The market is now hoovering near it's 50 day SMA as we saw a bit of a rebound by weeks end.
As we look over our sector ETF LIST it is a mixed bag.
The Retail ETF ($RTH) has pulled back off of it recent high and is still trading above its 50 day SMA.
The Real Estate ETF ($IYR) is equally as strong in the short term.
The oversold Steel, Energy, and Oil ETF's put in a retrace back towards their 50 day SMA's.
The Gold ETF ($GLD) is starting to shine again so make sure this sector is on your list.
So now that we are back trading near the 50 day SMA where does the market go from here?
Do we continue the short term DOWN TREND?
Do we chop around a bit while the buyers and sellers fight it out?
No one knows for sure but for now we continue to trade both sides on the market.
One stock that we are watching to see if it transitions from weak to strong?
Take a look at $CREE…
Keep both strong stocks ($ELN, $CTXS, $INFA, $ANF, etc) and weak ones ($SOHU, $ADSK, $HOG, $DOW) on your list and be prepared for whichever way the market goes from here.
Until next week…Good Trading to YOU!
© Swing Trading Boot Camp 2024
