The finance sector came to life on Thursday with leadership from banks ($DJUSBK) and asset managers ($DJUSAG). The chart below shows asset manager Blackrock holding its breakout and surging off support with a big move above 355. Notice that the stock shows a little more "chart" strength than the Finance SPDR (XLF) and DJ Asset Managers Index ($DJUSAG). BLK broke above the high from the first week of January, but XLF and $DJUSAG did not (yet). Note that you can enter $INDUSTRY and $SECTOR to see the corresponding sector or industry group for a stock. Set the legends at "verbose" to see the full names.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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