The Technical Traders Weekly Trade Idea – Feb 8
Hey Traders, Chris Vermeulen here with your trader tip of the week. I was on Business First AM with Angela Miles last week and we were looking at the chart for ARKW, a next-generation internet ETF that focuses on innovation and advancements in Cloud Computing, Big Data, the Internet of Things, E-Commerce, Digital Media, and Cryptocurrencies. It was a very exciting chart, being 300% off its March lows. But another chart that did not look as exciting (which is why I like it) is the basing formation in the utility sector ETF XLU. The pattern reminds me of just before the March crash when big money moved into utilities as a defensive play and right before they shot up along with the stock market. Watch my video to learn more.
