Current Trade: Long XLK @ $16.20 with stop @ $14.90
Trade Rationale 04/03/2009
The technology sector has triggered long through $16.20. The 5-month channel base has setup a strong support level with a clear double bottom at $13. The trade is long the XLK with stops placed at $14.90 for a maximum 8% loss should the trade fail. We are looking for the tech sector to lead the market as financials fall out of play and begin forming long-term bottoming bases. We highlighted these expectations in our recent Market Outlook.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC1FtuIhWw8lupjA3L7C-wK9SDvoHqZloaVXQxjKThNMDxov7Rg-1u7e-Tr1GgN1iipWyf4kl9Vpvkw28FCkIcha2KAp7hPqlvmOi48oIWiqT_w9_cVqYKC17NQI0usQGgkNXqMEjuAmw/s400/xlk+04-03.jpg)
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