My Top Bear Market Strategy
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Today during the Profit Takeover show, I covered why I think the VIX could head back down to 20…
But I wanted to share some names I am watching this week and how I’d play them –
- Apple Inc (NASDAQ:AAPL)
- Energy Select Sector SPDR Fund (NYSEARCA:XLE)
- Freeport-McMoRan Inc (NYSE:FCX)
Image from wallstreet.io
AAPL has stayed strong compared with other big-caps… but today, it is not rallying (just like the rest of the market) and is teasing $150. I would look for confirmation of a move lower, then go short. Otherwise, AAPL could see another rally in the next few days.
Image from wallstreet.io
The energy sector is trying to rally today, now trading at just over $71. Oil names have been moving harder the last couple of days so we could see a bit more recovery here.
Image from wallstreet.io
I think we’ve seen the bottom for FCX and it’s on a run higher for now. FCX is currently trading at $28 and I expect to see a continued move higher.
We will be taking a look at names during the Profit Revolution show today at 2:15 p.m. (ET).
Until next time,
Mark Sebastian
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July 18 2022
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