Where Did The Bulls Run Off To?

Where Did The Bulls Run Off To?

By: Dylan Sikes – AllPennyStocks.com News

Thursday, September 17, 2020

On a day like today, some bulls across the globe just want that closing bell to ring to get the day behind them. However, on selloff days I do like to look for the positive outlier(s). I do this in order to figure out what might cause investors and traders to completely disregard the overall market sentiment of the day and buy up shares of a certain sector/company.

This afternoon, I found myself looking at the main 11 sectors that make up the S&P 500 and all but 2 are trading negative day over day, with 1 of the 2 mentioned is basically flat, so let’s dive into the only “true” positive sector: The Materials Select Sector. 

Using (NYSE:XLB) as the proxy for this outlying sector, it’s pretty simple to decipher what is causing this standalone bullish move of +.3%. Looking at the top 10 holdings of the ETF, only two companies are having good days (for bullish investors). Dow Inc (NYSE:DOW) and Freeport-McMoRan, Inc. (NYSE:FCX), which make up a combined 7.88% of the portfolio, both are trading up at +2.2% and 1.28%, respectively. Though the news on Dow is relatively sporadic, Freeport-McMoRan shares are trading up following rumors coming out yesterday speculating interests of acquisition by Barrick Gold. 

While days like today may make bulls want to pull their hair out, there are [usually] companies that go against the grain and make shareholders happy. Whether it be a small cap stock or a sector ETF, opportunity can strike regardless of the overall market performance!

 


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