Another week and more elevated fears in the marketplace. The Nasdaq QQQ’s breached the 300 level intraday today and that’s got everyone chirping — and for good reason.
Of course, the contrarian bird sitting on my shoulder has been uttering the phrase: “the wider the rubber band is stretched, the harder the snap back!”
Now, I’m not going out on a limb and declaring that the bottom for stocks is in and we rally from here. But I do like the odds of a viscous snap back rally materializing at some point this week. And if something like that were to come to pass, I want to be in names that have held up the best in this tape.
Today’s trade is one such name. [Read more…]