Encouraging news about Remdesivir’s efficacy as a COVID treatment has driven markets higher. I used this as an opportunity to lock in some profits on two stocks that have done extremely well and are within a few percent of their record high. With volatility still at astounding levels, I think it’s prudent to remain cautious.
Sold and closed out of:
- Biotech ETF IBB
- Chinese Tech ETF CQQQ
I was especially anxious to part with CQQQ. Chinese stocks have been rocketing lately, adding more than $1 trillion dollars in market capitalization just this week. Sure they can go higher, but as they say in Wuhan: A chloroquine dose today is worth a vaccine in the future.
FYI- watch for the next episode of the Wealthsteading Podcast where I’ll celebrate our 6th Anniversary with a survival story about my Grandfather.