If you are hesitant to trade because of what the Fed is doing to this market, or because you simply are not used to trading in a bear market, then you’ve got to listen closely!
I am about to share one of my favorite ideas that I am looking to trade RIGHT NOW!
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Just like the character Mike Damone declared in Fast Times At Ridgemont High, “You won’t regret it.”
So what am I looking at in the market right now?
I’ve got to tell you, I really like how the Healthcare sector is looking.
This Healthcare sector ETF has been consolidating nicely the past few weeks and it’s now on a daily squeeze as some of my favorite short and near-term moving averages are now starting to support price to the upside.
With this in mind, I am watching shares of LLY very closely.
LLY is in a strong uptrend leading into the company’s next earnings report, which it will hold next Thursday.
With LLY and XLV both trending and squeezing higher and maintaining a sustained trend of market leadership, I like this trend to continue leading into earnings.
So I am watching the Jul 29 $340 Calls as LLY pushes above the $330 level.
But I also like this idea because LLY has been leading the market for quite some time now.
In addition, I like this idea because the stock does not trade with a strong correlation to the broader market (see bottom of chart directly above).
Look, I know the broader market has been rising of late, but it still may be too soon to bet heavily that there won’t be more hiccups from time-to-time.
That’s why I like the idea of LLY giving me a little less exposure to the broader market.
Let’s have a great rest of the week and until next time…
Image and article originally from ragingbull.com. Read the original article here.