PROP Sector : New low this week very likely
June 11, 2011 Leave a comment
Several weeks ago we said LH would dip to 5.7, and it did. The PROP sector is toying with its 300 day average, and we think the sector will come of further – to 136 or so, possibly a tad lower in the VST.
However a daily close or two below 136 could set the stage for further declines – to 132-134 range, and for now it will remain an underperformer and only worth the risk of re-entry if a global rebound ensues….and even then just for a punt, not a MT buy & hold just yet.