Flu v Ferrari

As one of our Members astutely noted this morning, it is interesting to see the Maranello, Italy-based (near Bologna) and iconic Italian luxury sports car manufacturer, Ferrari, have its stock hold up as relatively well as it has in recent weeks. 

On the RACE monthly chart, below, the stock actually bounced off a simple support trend-line dating back to its late-2015 IPO to keep a multi-year uptrend intact for now. 

Ferrari has weathered various major world events over the decades quite well and enjoys a sterling reputation. But seeing as Italy emerged as the European if not global epicenter for CoronaVirus cases, it is all the more impressive to see the stock hold up this well.

Going forward, I am looking to see whether dips below $130 continue to get bought. 

Regarding the market at-large, the QQQ ETF likely needs to clear and hold above $182.50, a level we have been watching vigilantly for most of the morning, in order to unleash a more powerful bounce than the indecisive, limping one we have seen thus far.