"There's a rising trend line [in Alphabet] and it came in right about $1,300 in the early part of this month, and it broke out above there. Not only did it break out on November 7, it came back and retested $1,300 and held it," Baruch said. "There's higher to go, the chart is telling me this.""The chips have been on fire, but I do want to avoid the idiosyncratic risk of owning a particular or one or two or handful of them.
A bull flag is formed during a period of consolidation. It suggests to chart analysts that a stock or ETF is taking a breather before resuming its upward trend. Michael Bapis, managing director of Vios Advisors at Rockefeller Capital Management, says a number of sectors are beginning to show momentum.
"We still think there's value, especially tech, financial and in health care because everything is starting to point in the right direction geopolitically," Bapis said during the same segment. "Also, we're seeing sectors that weren't performing for whatever reason, start to perform from the tax overhaul, from the monetary stimulus."
The information technology, health-care and financials sectors are among the best-performing groups on the S&P 500 this quarter.
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