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.
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.
More info at http://mcverryreport.com/forecast