Tech And Biotech Even Worse?

Last night I wrote about the pessimistic outlook for the Technology and Biotech sectors. Tonight it doesn't get any better, especially Biotech.

What I didn't say last night was that I had a small position in the Tech sector by owning shares in the ETF $USD, Proshare's leveraged ETF related to Technology. This morning I sold my position and may have missed out on some extra $, but I did make money. $USD was an ETF recommended last week, but for just five days. And if I sold it on Tuesday, I would have had a loss. So I am glad I am out, even after the Tech sector's price surge today.

Short Term Trader Report for Sectors

As you can see from the above chart, the Financial and Consumer sectors should be stable over the next 5 to 9 trading days. And as such, I will be purchasing either $FAS, $XLF, $UYG, or one of the Consumer-related ETFs.

My new modus operandi is to only purchase a recommended ETF at a price below the previous close. So we will see.

Other than that, the Tech sector should resume its upward move sometime around Labor Day.

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