Sectors to Watch Now
We saw nice action in tech stocks last week, which could be the next rotation we see in the market, writes Scott Redler of T3 Trading Group.
The market made new highs again on Friday and the beat goes on for this resilient market. We saw volatility and trading ranges ramp up a little bit last week, though, which could help the shake things up from a short-term trader's perspective. The S&P 500 ETF (SPY) closed at highs on Friday making its highs of the day at $151.89 the new point of reference. The market continues to reward those that have a portfolio approach as IBD's big picture has been in a confirmed uptrend since Thanksgiving.
Apple (AAPL) gapped up and continued higher on Friday after the news on Thursday that David Einhorn plans to sue the company to force it to return some cash to shareholders. The stock now looks poised to fill its earnings gap at some stage, and any prolonged strength from AAPL could add significant momentum to the broader market. It was a nice three-day bounce type of trade, but could it be the start of something bigger?
Netflix (NFLX) saw a nice breakout on Wednesday above its recent resistance of $178.