The technology sector started off quiet, then around 12 p, a program came in and the Algo’s appeared to take over bringing the sector down pretty hard. The Technology ETF (XLK) was down around 1.6 percent on the day.
Algo’s Take ’em Down
Today’s move lower took us back to the June 9 sell-off lows. Setting up a critical support level.
What To Watch For
It will be important to see how the sector recovers in the morning or if the selling continues. It could be a case of filling the gap from June 19.
Today’s selling seemed methodical, with a get ’em done by the end of day feel.
Remember with next week being a holiday week liquidity in the market will become an issue as the week draws to a close.
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Michael Kramer is the Founder and Portfolio Manager of Mott Capital Management LLC, a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendation made during the past twelve months. Past performance is not indicative of future performance.