The Market continues to recover. The S&P 500 is trying to get above significant resistance at the convergence of several key levels- 50dma, 100dma, & June horizontal midpoint. The Market’s moving up as move companies report positive earnings, corporate profits remain stable.
I’m using today’s bounce to further my move to cash. I’ve sold all my Aerospace & Defense related stocks. While they could go higher with unrelenting geopolitical concerns, I don’t like the way they’re behaving during this week’s earnings releases.
The ITA Aerospace & Defense ETF is hesitating near the resistance level where it failed last month. I’m concerned the sector might be stalling because in the wake of importance earning announcements, today the sector is underperforming the other Indexes. It’s done extremely well in the past month, and with the abrupt daily Market switchbacks, I’d like to hold onto any gains.
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