I recently recommended two technology stocks and one technology ETF to my subscribers at Joe Duarte in the Money Options.com. And here is why.
It’s all in how you look at things. Thus, even though the general tone of the stock market remains negative due to higher interest rates and the banking crisis, a more in-depth analysis of money flows sheds a bit of light into where money is moving bullishly at the moment.
Looking at the Nasdaq 100 Index (NDX, above), which holds the largest capitalization stocks on the Nasdaq Exchange, you can see that in comparison to the banking sector (BKX, below), the price chart has a much more bullish tone. Indeed, you can make a case that at least some of the money which has moved out of the banking stocks is making its way into technology companies.
In fact, if NDX can rise above the 13,000 price area, we could see a large move to the upside in the technology sector.
When you dig a little deeper you can see that the semiconductors stocks are attracting money. For example, shares of semiconductor manufacturers such as Micron Technology (MU), are starting to perk up.
Micron has recently climbed above its 50 and 200 day moving averages, a sign of strength. A move above $64 would be a bullish development.
My point is that if you remain focused on the negative, in this market you may miss some excellent opportunities. I’ll be expanding on the technology sector in this weekend’s Free Market and Portfolio Summaries (subscribers only).
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Until next time. Trade well.
Joe Duarte