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Steve Auger
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Steve Auger has been trading stocks, commodities and options for over 25 years and runs the website After graduating from the University of Waterloo in 1981 with a Bachelor of Applied Science, he has been employed most of his career working on space and... More
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  • Sector Analysis December 2, 2012  0 comments
    Dec 3, 2012 12:20 AM | about stocks: IYW, IYZ, IYC, IYE, IYF, IYH, IYJ, IYK, IYM, IDU, IYT

    Last week ended turned out to be very bullish, primarily due to rumors of fiscal cliff compromises so it was a good thing that most of the sector plays were sidelined. This week is very difficult to read, primarily due to the major move upward in all the sectors. Whether this movement can continue without stalling remains to be seen.

    Sell ETF (red light) iShares DJ US Technology

    ETF Symbol: IYW

    (click to enlarge) DJ US Technology - I'm really sticking my neck out with this reading. There was a breakout from a descending channel similar to US Telecom (NYSEARCA:IYZ) but it appears that for US Technology there is limited upside potential. And unlike Telecom, IYW is still below the 200 day Simple Moving Average (NYSE:SMA). Look for the price to fall down to the upper trend line of the descending channel. Place a protective stop at $72.25.


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