≈ Sector Strength≈
Happy Friday Traders,
Ever been minding your business then all of a sudden a situation occurs and you enter into panic mode because you thought it involved you or a loved one only to let out a huge sign of relief cause, after all, it didn’t? That’s what Wednesday’s morning sell-off felt like with news from China banning payment institutions from cryptocurrency transactions. The crypto market went on a free fall and cryptos said to the rest of the market, “if I’m going down you’re coming with me”, creating a frenzy overnight into the morning session only for it to recover in the afternoon session and follow through on Thursday. Not knowing that the recovery was just a few hours away, one might have easily hit the panic button pre-maturely and gotten out of bullish trades or entered bearish ones which is why waiting to see how the rest of the day plays out is key and allowing your stops to take you out rather than exiting trades too early.
I enjoy a good laugh and 90’s sitcoms have provided plenty of laughs over the years Fresh Prince being one of them. One of my many favorite episodes is when Will is teaching Ashley how to deal with a bully from school using the full-scale psychological warfare approach and “Back up, back up! Mind ya business, that’s all, mind ya business” saying lives on. Even though the majority of stocks started in the red on Wednesday’s session, some stocks stood their ground and went for the Will Smith approach telling the market to leave it alone and mind its business.
Read the rest of the Friday feature here and don’t forget to join us tonight in Women in Trading which can be accessed here.
Until next time,
Coach Em!
Chart of the Day
LLY Daily Chart
The healthcare sector has had a good run but it too got caught up in the volatility of this week and last week ultimately killing was a pretty nice breakout to all-time highs. The pullback had XLV closing below the 9 and 20 day moving averages both times followed by an instant bounce back. With Thursday’s strong close, XLV is setting up for another breakout which could potentially get the ball rolling on some stocks in that sector that have been on the sidelines for a bit.
Video of the day
Buy One, Hold One Dump One
Coach Greg presents 3 stock ideas from Health Care – $JNJ $MCK and $ABBV – and Coaches Tyler, Tim and Matt have to decide to ‘Buy One, Hold One, and Dump One’ in this segment from Thursday’s Cash Flow Club
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Halftime Report 12:30 PM EST
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Join Mark Justice each Friday as he covered the world of commodities and takes questions at the closing bell of the market.
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