As per my previous post on 28 July, Financials and Energy sector has been the area I have noticed to be a laggard and would have a higher probability of a upward move.
Energy ETF (XLE) is holding its uptrend on a daily chart movement even though Energy stocks as a whole didn't perform well in the closing hours. Large energy companies like Exxon, Chervon was up more than 2% during the day before it gave way slightly with Exxon still holding up its gain at +1.03% and Chervon down by -0.12%.
XLE Daily
Again, Nasdaq was down with all the big Tech names dropping almost more than 2% like Apple, Microsoft, Facebook and Nvidia but Financials again took a good gain today. This is showing a broadening sign across the markets which is good in the long run. It may also pose some opportunities to look at accumulating some of the tech stocks like Apple, Microsoft during this distribution period. My personal preference would be Apple but it would be a different entry at this current price and also considering that it is due for a stock split by end of the month.
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