Coronavirus fears are rocking markets this week.
Since February 19th, the Dow is down over 2,600 points, the tech-heavy Nasdaq has dropped over 871 points and the S&P 500 is down 294 points.
The sell-off is real and there’s good reason to believe more carnage could be on the way before the major indexes find new support.
Hope held out yesterday the Dow could hold above 27,000, but those hopes were quickly dashed by yesterday’s close.
The action is testing our trading philosophy here at the Wealthy Tech Investor and since we are specifically looking for opportunities that can bring us BIG returns over short time frames we’re going to jettison one position today.
Action to Take: Sell Illumina (NASDAQ: ILMN) shares at the market
Human genome plays like Illumina will continue to offer us opportunity in the future, but with nothing in their pipeline heading into FDA review for ILMN over the next six months, and the corrective action we’re seeing due to the coronavirus, we’re better served to take a small loss and re-focusing our remaining capital on more explosive gainers.
(Speaking of which... Make sure you check out March’s issue - coming soon - In it we reveal a 5G company whose stock could soon blast off into the stratosphere!)
Bottom line: If ILMN was nearing a coronavirus vaccine it would be one thing, but they are not.
We’ll use tomorrow’s (March 5, 2020) closing price as our official exit sale price.