In a recent blog dated 23rd January we reported that the US tech sector had been very strong of late. This was echoed in the SPDR Technology Select Sector Fund ETF – XLK as it broke above its 2011 highs mainly due to Apple (AAPL) reporting earnings last week eclipsing wall street expectations on all fronts. About 15% of the assets in XLK are weighted in the iPhone maker.
Although price action didn’t maintain its push above the 2011 highs, a consolidation just below this level activated the Solas Trend Following Software to move its dynamic stop to just below the October resistance while given price room to move and continuing to lock in profits currently at 2.5%.
XLK – Trend Following Long Position
Current Risk Stop @ $26.28
XLK – Fund top 10 holdings.
Apple, IBM, Microsoft, At&T, Google, Intel, Oracle, Verizon, Cisco, Qualcom.
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About the Solas Trend Finder Algorithm (STFA):
The Solas Trend Finder Software is designed for traders and investors who want to take advantage of short, medium and longer term trends across multiple timeframes on all major asset classes including global indices, equities, exchange traded funds (Etfs), commodities & forex.
About the Solas Swing Trading Software (SSTS):
The Solas Swing Trading Model is an end of day trading strategy which delivers high probability trade signals both long & short within a defined trend across the main indices, equities & etfs.
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