Of the eleven major sectors, it is not a surprise which one dropped the least. It was Utilities. Money flowed out of nearly everything else and into the defensive stocks – the utilities. 47 of 134 stocks in that sector closed on the upside,
The second major index was real estate (REIT's) – another defensive destination for money fleeing stocks with exposure to Europe.
After Real Estate, the next major sector index was Consumer Defensive, which again had many good stocks to move funds into. For instance, Hormel Foods (HRL) gained 2.2%. Perhaps the logic was if everyone was going to take a big hit from a ‘Brexit' stock selloff, maybe all investors would be able to afford is Hormel Chili.
What surprised me was the next ‘least sold off' sector – Healthcare, and it was the particular stocks that showed gains in this sector that was odd – penny-stock biotechs.
Of the 827 stocks in my Healthcare Sector list, 125 closed with gains. While there were a few well-known, higher priced stocks showing gains, most of them were sub-$5 stocks – penny stocks that few people know about.
For example, here were the top 22 gainers in the sector:
When I hear market summaries in the evening, it sometimes sounds like every trader gathered around Art Cashin and formed a consensus on what they were going to worry about for the day.
On Friday morning, did Art tell everyone that penny biotechs would be the place to roll funds into as stocks with exposure to Europe were being dumped?
Of course, there's much more you need to know and many more stocks you can capitalize upon each and every day. To find out more, please click on the following link: www.markettamer.com/seasonal
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