We concluded from our sector analysis:
- The Consumer Staples sector, represented by the XLP ETF, was strong last week versus most of the other sectors. This is in part driven by some fear coming the market, which often sends money towards necessities and the utilities.. We’re looking for a long trade from a strong individual stock in this sector. We need a minor pullback to a region of buying pressure that stops the correction and resumes the bigger picture up-move. That’s the point where we plan to BUY Coca Cola (KO):
Materials, as represented by the XLB ETF, have been under pressure, with many symbols trading under their 20-day and 50-day SMAs and the moving averages rolling over. We seek a short trade setup requiring a small rally (a minor correction to the downtrend) up to a region of prior selling pressure that resumes the bigger picture down-move. That’s the point where we SHORT Sealed Air Corp (SEE):
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