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Berger: Trading the sell-off in US equities
After technology stocks fell further last week, Serge Berger, better known as The Steady Trader, is looking for relative strength in other sectors. In the financial industry, insurance corporation AIG has proven to be a resilient company, and Serge is looking to buy the stock on a break.
Technology stocks like Facebook, Google, Amazon, and Netflix plummeted on Friday, ignoring the day’s earlier gains caused by the release of the US non-farm payroll data. The strong sell-off of technology companies that ensued caused the S&P 500 to close down 1.25 percent, the Dow Jones Industrial average to fall .96 percent, and the Nasdaq Composite to close down 2.6 percent at the end of the day, according to WBP Online. With high-profile technology stocks in the red, Serge is focusing on the energy, materials, and financial sectors for sustained growth.
Over the last few months, AIG has held up against its 200 day moving average which he sees as an encouraging sign. Serge is looking to buy on a break above last Friday’s close at USD 52.00. His target for the trade is set at USD 56.00 with a stop placed at USD 50.50.
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00:55 minutes
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