Tech Continues to Pullback

The Tech sector ($QQQ) continues to chop around this week. The big-cap tech has been under pressure making lower highs this trading week.

I will note that this overall action is a pullback in what is still an upward trending market. But it is hard to buy dips convincingly. Look at some large-cap tech names like Microsoft ($INTC), Intel ($INTC), and FB ($FB). Now turn your attention to a couple biotech names, Amgen ($AMGN), and Gilead Sciences ($GILD). Of these 5 names the only one that I would look to buy on the dip would be Facebook ($FB), if it holds support ~$72.50. I would look to nibble at these levels on the long side.

To get more entry and exit signs on these stocks and more check out our Seasonality Charts where we lay out buy and sell points for the next ten days.

Have a good Trading Day!