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.
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