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The market finally blinked and pulled back after it became clear that the coronavirus will have a significant impact on China’s and therefore, the world’s Q1 GDP growth. Starbucks said that half of their stores in China are closed while the rest are operating at reduced hours. Apple confirmed that one of their stores is close. Crude oil cannot find a proper bid. Copper is in a free fall. The semiconductor and biotech ETF which led the market higher late last year are already 9-10% below their 52-week highs.
There are some stocks are showing clear relative strength and trying to break out even in this weak tape. The odds are that they will remain in a range if the market continues to discount a potential negative impact from the coronavirus. We covered: NFLX, PTON, ZM, TNDM, RETA, AAXN, TSLA, AAPL, among others.
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