Energy has been on massive tear up but in pm seems weak, but shorting it seems irresponsible considering the direction of the trend prior to this morning. However CXLE the etf/index is forming a rising wedge. Consumer staples have been in massive uptrend & consolidating, looks to have strength this morning but on closer inspection of top twelve, only Walmart is showing the premarket strength, but maybe that’s enough. Had anticipated healthcare to selloff, JNJ in particular, but looks to be showing pre market strength. Perhaps it’s a pop and sell off type of move, shorts covering?
JNJ upside was the play (and I took it though with late entry), & to be noted to look further back in the trend. While the short term there was some aggressive selling off, the grander chart was positive, and this day was perhaps a reflection of the relief from the temporary short. JNJ at all time highs now. I got in a bit late, but still made a profit & am holding my remaining 20%, having sold the majority. Should have gotten in earlier, but this was a decent play.
Consumer staples play, WMT is now also working, after some deliberation.
BA was also the play. Did not have layout of industrials to take fast enough, but even at late stage I saw it, could have gotten in and profited. Better safe though wanted to protect what little gains I did have.