XIT longWell Tech just keeps going, at the Canadian markets are out preforming the US so are the ETF's reflecting them. This is now my preferred ETF vs XQQ and TEC.
XIT trade ideas
XIT ETF: potential rebound towards 57-58 targetXIT (iShares S&P/TSX Capped Information Tech Index ETF) is currently consolidating, with potential for a 10% upside if the price reaches the range of 52 to 53. The target zone for this possible move is approximately 57 to 58, with a potential pullback expected at that level.
Time to offload the techs?Less than two months ago, I suggested it was okay to buy TECH ETF's (they'd reached an earlier target I'd published). One I highlighted, the XIT (Canadian) has climbed dramatically and now that it's largest holding, Shopify has a market cap bigger than the Royal Bank of Canada, I figure enough is enough. After all it would take a very long time indeed to earn 50% in bonds at these interest rates. A bird in the hand. The sector is back to where it was before the meltdown...i.e. overvalued.
The XIT (Canadian TECH ETF) got down below my buy target of $25I suggested in an earlier post that I'd buy tech ETF's if they dropped to my target of $25. In this case, it got there and is rebounding nicely. Suggest it is okay to own.
Buy Canadian Tech ETF at $25Tech stocks beating may meet resistance soon. This ETF may be bought at $25 based on my interpretation of chart.
