Red Is New Green... Well almost. How we are staying dry during the tech sector flood.
Well after yesterdays tech correction and the flooding of funds into the financials it seems like the bottom feeders have given a bit of a boost to the tech stocks today.
A lot of them still aren’t back up to their previous week closes but looking slightly better.
A lot on the RSI seem a little more balanced but I’m still proceeding with caution, as there was a correction due and this could be a false correction as the funds were mainly freed up to jump on the financial ride from the tax bill.
Having said all that, the tax ‘holiday’ that the big companies could use to repatriate funds could give some of the high profile stocks a boost.
Interesting times ahead most definitely.
In short, pretty much all the stocks that rose on the tax bill news suffered slight corrections from profit taking today, but still maintain a positive on the week so far.
Once again our diversified portfolio has weathered the storm very well so far. I am now looking into the next sector that could see a new boost, but think that expanding into financials could be a very wise choice as dividends could increase if the banking sector regulations are amended.
I have added the weekly change on the screen shots as well.
Ive found its always good to keep a good perspective on the bigger picture.
Note, some of these images were taken during the days trading and are not end of day closes.