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Last week was overall good for the Nasdaq and tech stocks. Both made significant gains from their lows on March 5th. Even with the 10 year treasury note up more than 7% on Friday, tech held its own. Maybe we are starting to see most of the fear surrounding the rising yields being priced in. In my opinion a key resistance for the 10 year is going to be 1.7% and if it doesn't hold, we might see it go to 2%.
I am still looking for buying opportunities in the tech sector, and waiting for a double green day candle to really signify that we are headed up. Futures are up late Sunday night with the Nasdaq leading the way.
The good news is that if the $QQQ can hold above $310, I believe that we are headed up toward new ATH - in good time. Once it breaks its 50 day MA and tests it as a support, I'd feel more confident to get back into more shorter term call option in the tech sector.
My opinion from last weekend, going into a new week during this tech cool off, still stands.
The length and slope of the $QQQ from the September dip was exactly the same as this one. If the $TNX (10 year) does keep pushing towards 2% this week, I'll be buying into $FAS more.
I'm holding off until we see a clear direction on Monday.
Please review my write up from last week as it is still very relevant. Same plan stands for the most part.
Note: Risk (1 out of 5) is my opinion of how risky the stock and these plays are; 1 being the lowest and 5 is the highest.
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