EarningsBeats.com Digest for November 29, 2021
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A Standout Industry During Friday's COVID-Related Selloff
Fear was smothering the market on Black Friday, a day where we normally see stock prices drift higher. Word of a new COVID-19 variant in South Africa spooked global markets and the U.S. was no exception. Our key indices all gapped significantly lower and finished that way. I did, however, look to see which areas of the market performed
best from the opening bell to the closing bell in an effort to uncover areas where Wall Street may have used weakness to begin accumulating. I have to say I was somewhat shocked to find that the best group from open to close on Friday was gambling stocks ($DJUSCA):
I wouldn't run out and start buying every gambling stock based on a few hours of market action. But I do believe it's quite noteworthy that Wall Street firms decided to put their money to work in this area. The DJUSCA did see heavy volume on Friday, considering that it was a holiday-shortened session. It could set up the relative winners in the group for a nice rebound. One such stock could be Inspired Entertainment (INSE), which has been
in a solid uptrend in 2021, despite all the difficulties encountered by many of its peers. Its recent pullback to 13 or so is testing the double top breakout from June and September at that very same level.
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Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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