Auriga Technical Research: Technical Takeaways: Bullish Sector Rotation Continues; Pharmaceutical ETF may be Topping
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Price: $148.99 --0%
Rating Summary:
24 Buy, 7 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
24 Buy, 7 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Auriga Technical Research: Technical Takeaways: Bullish Sector Rotation Continues; Pharmaceutical ETF may be Topping
Auriga analyst said, "Stocks continued to move higher over the past couple weeks, despite concerns surrounding bailout discussions out of Europe. We continue to believe that the market is likely to move into the last stages of a correction later this year that should push it lower. In the meantime, a bullish sector rotation continues with improvements in ETFs involved in industrials and materials as well as a rebound in the financial ETF. The safer sectors, such as utilities and consumer staples, continue to show signs of weakness and underperformance. In addition, the pharmaceutical sector, which is still rising, is showing signs of possible topping with a divergence between the price action and movement within the RSI indicator, which measures momentum. Names within the pharmaceutical ETF that also exhibit this divergence are Merck (NYSE: MRK) and Pfizer (NYSE: PFE) (both not covered)..."
Auriga analyst said, "Stocks continued to move higher over the past couple weeks, despite concerns surrounding bailout discussions out of Europe. We continue to believe that the market is likely to move into the last stages of a correction later this year that should push it lower. In the meantime, a bullish sector rotation continues with improvements in ETFs involved in industrials and materials as well as a rebound in the financial ETF. The safer sectors, such as utilities and consumer staples, continue to show signs of weakness and underperformance. In addition, the pharmaceutical sector, which is still rising, is showing signs of possible topping with a divergence between the price action and movement within the RSI indicator, which measures momentum. Names within the pharmaceutical ETF that also exhibit this divergence are Merck (NYSE: MRK) and Pfizer (NYSE: PFE) (both not covered)..."
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