Bucking the Trend
02/01/2010 9:19 am EST
Though they were not easy to find, there were a few industry groups that bucked the trend last week in the face of heavy selling. The Dow Jones Recreational Products and Services chart shows a nice uptrend from the lows late last year, and the sector tested the recent highs on Friday before reversing. The RS chart moved above resistance last week. The S&P Biotech sector looks even better as it showed nice gains for the week. Longer-term charts show a broad trading range. The downtrend in the RS was broken this week.