15May1:50 pmEST

A Rising Tide May Lift All Hacks

To piggyback this morning's blog post about the technical strength in HACK, the cybersecurity ETF, which transcends a mere news-related pop, we can also look at a downtrodden name.

Note that Akamai, an old school tech name, has been obliterated as seen on the daily chart, below.

However, AKAM is in the HACK ETF and is a top twenty holding.

Should the rising tide of HACK lift all cybersecurity boats in the coming weeks, AKAM may be ripe for a contrarian long trade with the stock deeply oversold and probably due for some relief.

The key to these trades is to be strict (even more than usual) with discipline and obey a stop below today's lows in order to avoid getting swept up in a fresh leg down for what is obviously a busted chart. There is nothing wrong with taking a pass on these ideas, either, and focusing on the better HACK charts like SPLK, etc..

More in my usual Midday Video for Members

A Cyberattack with Something... Getting There

 
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