Technical Analysis: Oppenheimer Sees Opportunity in Energy and Technology (XLK) (XLE) (AAPL) (STX) (APA) (more...)
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
Technical analysts at Oppenheimer believes that the recent reversal of the S&P 500's eight week downtrend signals that the market is beginning a year-end rally. Given long term trends, Oppenheimer sees opportunity in technology and energy.
Oppenheimer analyst Ari Wald commented, "The S&P 500's bullish reversal of its eight-week downtrend is confirming the start of a year-end rally, and cyclical stocks should be owned given resuming strength in the index's long-term trend, in our view. We think the current opportunity is to buy Technology (NYSE: XLK) and Energy (NYSE: XLE) ahead of a breakout."
Oppenheimer's analysts think that Technology should be bought because weakness has been narrowly focused in a few large-cap stocks. They recommend buying: Apple (NASDAQ: AAPL), Seagate (NYSE: STX), Skyworks (NASDAQ: SWKS), Western Digital (NYSE: WDC).
For Energy, while conscious of the US dollar's rally, Oppenheimer is encouraged about a bullish reversal in the sector's long-term trend and recommends investors position for a breakout of a year-long bottoming formation. They recommend buying: Apache (NYSE: APA), Chevron (NYSE: CVX), Halliburton (NYSE: HAL), Helmerich & Payne (NYSE: HP).
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Oppenheimer Assumes Teva Pharma (TEVA) at Outperform
- Wedbush Raises Price Target on Francesca's (FRAN) Following 3Q Report
- Credit Suisse Downgrades NetApp (NTAP) to Underperform
Create E-mail Alert Related CategoriesAnalyst Comments, Technicals
Related EntitiesStandard & Poor's
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!