Breadth is at 38% and we have seen a switch-a-roo occur since the open. The risk averse stocks like CLX and KR selling off a bit in favor of LOCKDOWN and vaccine plays like MRNA, NVAX, AHPI and APT to name a few. We had for a moment there a tangible rally in stocks and I would not rule it out later in the day, especially with breadth so strong and numerous stocks rallying hard.
There is no question people are looking towards lockdown plays, with NLS, PTON and W leading the way up. The only question you have to ask yourself is “can this rally in these niche stocks withstand the barrage of selling in the general market?”
I believe we can see continuation in this trend, because the COVID infection rates are only just getting started. You might want to look into names that used to rally during lockdown but are quiet now for the next round of plays.If you enjoy the content at iBankCoin, please follow us on Twitter