Getting Defensive

07/02/2009 10:28 am EST

Focus: STOCKS

Thomas Aspray

, Professional Trader & Analyst

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Health care stocks were higher on Wednesday, with XLV trading above the recent highs, but the 50- and 200-day MAs are still negative. XLB, the materials sector ETF, closed on its lows after testing its 50-day MA. It violated short-term support in mid-June amid heavy volume, creating strong resistance in the $27 area. Support is now at $24.

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