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Servicing the Need for Speed
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In my weekly video recap, I mentioned the XLE, ETF for the energy stocks, as being a chart not extended despite the recent rally. In addition, the oil service stocks in the OIH largely fit that description as well. If this broad market uptrend is legitimate, I expect this consolidation/pullback to be largely contained to, on average, not much more than 3% off the highs. If that is the case, then we should see healthy action underneath the surface.
With most earnings out of the way, I am looking at the following charts next week.
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This Hot Party Just Getting Started
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It is tough to argue against the internet security industry being in secular growth mode. As the internet grows and becomes more complex, there is a premium placed on cyber security firms providing cutting edge services to keep things on the up and up.
Opinions about fundamentals aside, the price action in the following internet security firms points to a constructive outlook by the market. We are still in earnings season, so be cognizant of when these guys report. Nevertheless, this is a hot party and one I do not want to miss. In fact, it just might be getting started.
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Slow and Steady Financials
I continue to monitor the impressive financials. We know that they had been huge dogs during the prior 18 months or so. Recently, they have shown signs of becoming emerging leaders of the market. The XLF has taken time to consolidate, and banks like GS and WFC should be watched closely here, not to mention regionals like HCBK and HBAN, among others. As much hate as people have for financials these days, the prospect of them being stealth leaders here should be respected given the price action of late.
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Charts Worth Capturing on Camera
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