18Nov11:35 amEST

Deicing the Boeing Chart

Although many politicians have helped to form the view that we are headed for a long, dark winter of economic restrictions amid spiking virus cases, the market has other thoughts about that. 

Airlines, especially DAL, are back at it again today, up around 4%, with cruise lines and casinos acting quite well, too. These are charts which I have been neutral on, at best, for a good while now. However, this type of price action in the face of the current news flow and sentiment about said long, dark winter is tough to argue as anything but bullish for these stocks in the interim. 

To be sure, my preference on the long side is more tilted to sectors like insurers, banks, energy, and materials.

But when I see Boeing, below on its quarterly chart, repeatedly hold the $120s, then $140s in recent months, it seems to raise the odds that sellers missed a few golden chances to turn the iconic industrial back down. 

As for the possibility the casinos, airlines, cruise lines, could always turn back down if we see more negative virus headlines, I am open to the possibility. However, that would require the belief that the current market is downright stupid or just steeped with complacency to even care about it. 

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