The tech sector led the market Tuesday, one day after seeing its worst loss in seven months. In fact, Monday's sell-off saw Big Tech losing about $162 billion in value, withTradingAnalysis.com founder Todd Gordon says the charts are pointing to an all-clear for tech.
"We're still above the upsloping 200-day moving average [in terms of volume], we need to be averaging 15 to 17 million shares a day in the to really trigger some concern, " he said Tuesday on "Trading Nation," referring to the tech ETF. "So everything we see here, everything aside, the motion is still intact."in particular, a stock that he owns, and remains bullish on the stock given that it has held its uptrending 50-day moving average.
Erin Gibbs, chief investment officer of Gibbs Wealth Management, says that while "it's a little early" to say that the tech dip is over, there is one stock in the XLK that she's eyeing:"I think it could easily go up another 16 percent. Even if we faced a global slowdown, people are still going to be using their credit cards for purchases, even if the prices are higher," she said on "Trading Nation.
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooNews - 🏆 380. / 59 Read more »
Source: CNBC - 🏆 12. / 72 Read more »