Markets Dip on Tech Selloff - Alert on SPY
The markets started off very strong Friday establishing new highs on a number of stocks and ETFs. As we've stated we will be watching for dips and opportunities to buy. This presented a good opportunity and we issued an alert on the SPY with an entry at $1.95 or less. As a result we closed up 3.5%. We are looking for the option to hit $2.44 for a return of 25% and we could see that pop at the open Monday June 12th. Oil as well as geopolitical news keeps tugging at the markets. A drawdown in crude oil inventories will accelerate in the next three to four months, Saudi Arabian Energy Minister Khalid al-Falih said on Sunday. Also this week we have a possible Fed rate hike pending. This could see more rotation into financial stocks and the XLF ETF sending prices higher.