Traders took profits from some of the best-performing sectors last week – and as a result, the broader market lost 4.5%.
Alternative electric and vehicle stocks like Tesla Inc. (Nasdaq:TSLA) were slashed by more than 15% after doubling in price since the November election.
Next up were cryptocurrencies, as securities such as Bitcoin (BTC) and Riot Blockchain Inc. (Nasdaq:RIOT) hit short-term correction levels, the sector pulling back 20%.
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Last week was the ninth of the year – historically, the worst one for the market. Over the last 20 years, on average, including winning and losing weeks, the market has lost about 1%.
We predicted the drop. And now, we’re onto the 10th week of the year – a week in which my “market almanac” sees a rally.
The market’s ninth week may have taken your money. But the 10th week could give it back… and then some. Earnings season is kicking back up, and I have three trades to share with you today.