A lot of people have recently (and correctly) pointed out that the XLI industrial stock ETF has above an important resistance level (its highs from January and September of 2018). This is a positive development , but like it is with several other groups…and the broad market in general…the XLI is getting overbought on a near-term basis. Thus we could see the group take a “breather” at some point very soon.
Whether the group takes a short-term breather or not, 3 members of the XLI have three different looks on their charts. GE is overbought and ripe for a tradable pull-back....FDX is overbought, but looks poised for further upside movement soon....and WM looks good on the long side right now. For more details on these stocks...and the charts on each one of them, please click here to subscribe to my investment newsletter, "The Maley Report" (TheMaleyReport.com).
Matthew J. Maley
Chief Market Strategist
Miller Tabak + Co., LLC
Founder, The Maley Report
275 Grove St. Suite 2-400
Newton, MA 02466
Although the information contained in this report (not including disclosures contained herein) has been obtained from sources we believe to be reliable, the accuracy and completeness of such information and the opinions expressed herein cannot be guaranteed. This report is for informational purposes only and under no circumstances is it to be construed as an offer to sell, or a solicitation to buy, any security. Any recommendation contained in this report may not be appropriate for all investors. Trading options is not suitable for all investors and may involve risk of loss. Additional information is available upon request or by contacting us at Miller Tabak + Co., LLC, 200 Park Ave. Suite 1700, New York, NY 10166.