Below is a note from CEO Keith McCullough on why we're removing long Air Products & Chemicals (APD) from Investing Ideas today:
- With US stocks having had their 6th straight up day, they’re bouncing to lower-highs (on decelerating volume) and not signaling higher-all-time highs like they had been for 15 months – that’s new. APD is registering an immediate-term #overbought signal.
- While we remain bullish on APD’s longer-term fundamentals, the long position has done its job for us (delivering some modest alpha during major short-term market volatility).
- After big market moves is when I like to reset my positioning. Timing matters!
***No change to Industrials analyst Jay Van Sciver's fundamental long thesis on Air Products. Click here to read our analyst's original report.
