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Three ways to make money this week

Three ways to make money on Monday

Following the S&P 500's first down week after three straight weeks of gains, here are the three things Matt Maley, equity strategist at Miller Tabak, is watching for on Monday and the week ahead.

1. Key level for biotech stocks

Maley is keeping a close eye on biotech stocks as it encounters what he terms to be a key technical level. The IBB exchange-traded fund, which tracks the performance of biotech stocks, has risen 10 percent so far this year and has been "bumping up against the $300 level for several months," Maley said.

"In fact, it's touched $300 six different times. If it can finally break above that level at any meaningful fashion it's going to be very positive on a technical basis," Maley explained.

Maley expects to see a substantial amount of money flow into biotech stocks should that level be broken in a meaningful fashion.

The IBB has enjoyed a strong year so far, rising about 10 percent.

2. A 'wedge' formation in the U.S. dollar

The U.S. dollar index has fallen nearly 3 percent this year, in the process forming what Maley sees as a "wedge" pattern.

"If it bounces above the top end of that pattern, it's going to be quite positive for the dollar," Maley said.

Emerging markets would suffer as a result of a stronger U.S. dollar, Maley observed. One popular ETF that tracks emerging market equities, the EEM, has rallied nearly 18 percent year to date, and could fall should the dollar gain strength.

3. Planning out a correction strategy

The is a mere 10 points away from testing the 2,400 level, Maley said.

"People are worried that maybe it won't be able to break out. But even if it doesn't that's okay. The S&P has pulled back every year since 1995," Maley said.

What's important is that investors put themselves in a position to take advantage of a 7 to 10 percent pullback.

"Don't wait for the pullback to take place, as that can cause panic to set in. Instead, have a plan in place in advance so that you can take advantage of any disruption in the marketplace," Maley wrote to CNBC on Friday.