Let’s be honest, Trade War, WWIII and Inverted Yield couldn’t take out this market, do you really think the Wuhan Coronavirus will?
At some point, yes the rally will end, but it won’t be because of a virus that has 300 cases and 6 people that have died from it. Unless people start turning into zombies from it, I wouldn’t stress this headline.
The market is simply using it as an excuse to book some profits today. Heck, I even did some of that myself today when I closed out my position in Royal Caribbean (RCL) at $129.98 for a +11% profit.
I still have plenty of long positions left, but I did add another short position this morning and so far it is playing out fine. I missed out on the Beyond Meat (BYND) rally today, simply because I didn’t want to take a position so close to its earnings report.
I also like the Canopy Growth (CGC) chart that is bull flagging right now, as well as the potential for a breakout in Grayscale Bitcoin Trust (GBTC)
Here’s the bullish watch-list for this week: