Saturday, August 28, 2010

The best performing sector

After the market action on Friday, all the sectors have put in multiple bottoms or reversal candlesticks and look bullish with room to run in the short term. However, the best looking sector out there is still the utilities which bounced from an important level - 30.36 - on Friday.

One can't really appreciate the importance of this level until one sees the weekly chart, so here is a 5 year weekly chart. The chart says it all, so I will simply shut up.

I will be back with overall market analysis and some stock picks from the utilities sector sometime this weekend.

Take care and have fun!

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