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TradingMarkets.com
Here's One Sector That Has Survived Bad Markets
Friday July 18, 7:51 pm ET
By Dave Landry


Looking to the indices, on Friday, the Nasdaq lapped higher but quickly found its high and sold off hard. However, it found its lows in early trading and generally worked its way higher for much of the day. It dipped going into the close but still managed to close well.
This action has it testing, and so far holding, above its recent breakout levels (circa 1685).



The S&P was stronger on a relative and absolute basis.

This action has it bouncing from near the bottom of its trading range, which also corresponds with its 50-day moving average.



Looking to the sectors, as one would expect, technology finished flat to higher. This action has areas such as telecom, software and the semis stabilizing--at least for one day. Outside of technology, many financial related stocks including banks, asset management and broker/dealer (especially regionals) bounced back. This action, so far, keeps their longer-term uptrends alive. The cyclical stocks have done exceptionally well as of late, but, in spite of the media celebration, I don't see to much to get excited about here. Only a few specialty areas such as education & training seem to remain in solid longer-term uptrends.



On the downside, the homebuilders continued to slide. This action further confirms that a top is in place here. The utilities bounced but so far, only appear to be pulling back.

So what do we do? So far, the Nasdaq seems to have dodged a bullet. The action in the S&P is also encouraging but it still remains stuck in a sideways trading range. Therefore, at the risk of boring you to death, you probably should continue to keep it light. On the long side, stick with the stronger specialty areas (e.g. Education) until technology once again begins to re-assert itself. On the short side, watch areas that have already rolled over, such as the homebuilders and utilities.

Looking to potential setups, Career Education Corp. (NasdaqNMCECONews), in the aforementioned strong Education & Trailing Services sub-sector, looks poised to resume its accelerating uptrend out of a pullback



Best of luck with your trading on Monday!

Dave Landry