3 Stalling Tech Stocks To Sell
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Rising bond yields are taking tech stocks out at the knees
Tech stocks are stumbling this morning amid fears over the rapid rise in bond yields. This is a movie we’ve seen before. In February, a similar surge in interest rates led to a sharp correction in the Nasdaq. That episode delivered a 12% haircut before buyers returned. An echo to the previous experience would pull the Invesco QQQ Trust Series 1 (NASDAQ:QQQ) down to its 200-day moving average near $339.
Of course, the past isn’t always prologue, and this go-around could play out differently. But there’s no denying that rising rates sours sentiment in the land of tech. Narrative aside, the price action is sending warning signs. We’re below the 50-day moving average and formed a lower pivot high to turn the daily trend lower officially.
I scanned the most liquid tech stocks for trend reversals to either sell or build bearish trades on. Here are three of the most vulnerable:
This article originally appeared at InvestorPlace.
Category: Options Trading Strategies, Stock Options Trading
