ETFdb Analyst Picks: Buy On This Dip With Caution
Fri, Nov 9, 1:45 PM ET, by Michael Johnston
Stocks have endured a harsh trading week as broad-based profit taking pressures managed to swoop in with little warning following the U.S. election. Although the price action on Wall Street has been far from optimistic, we remain hesitant to pull out entirely given a number of positive developments; for starters, weekly jobless claims came in better-than-expected again, showcasing that the recovery in the domestic labor market is not a case of fudging the numbers as some continue to rant about. Additionally, solid consumer sentiment data also suggests that optimism is building on Main Street, leading us to believe that this week’s rather frightening sell-off may have been a bit overdone as negative headlines from Europe conveniently stole the show [see Free 7 Simple & Cheap All-ETF Portfolios].
Below, we highlight how the ETFdb Analyst Picks have been performing, noting any important fundamental catalysts while also keeping an eye on key technical levels for our recommendations:
|Utilities Select Sector SPDR
This recommendation took a tumble for the worst this week as post-election profit taking hit the utilities sector particularly hard. With XLU below its 200-day moving average, we advise keeping a close eye on it as it has neared our suggested stop-loss level. Nonetheless, we feel this sell-off is a bit overdone and will hold onto this recommendation as the recent pullback should welcome back buyers over the coming weeks.
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Disclosure: No positions at time of writing.
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