Array Technologies (ARRY) triggered our sell-stop with its close at 17.65 Wednesday, and we recommend selling today.
Array gapped lower Tuesday on Omicron variant fears and saw no bounce-back Wednesday. The pandemic previously created supply chain issues for Array’s steel supply, so the sell-off isn’t just in sympathy with the market. The move down broke strong support shares worked hard to get over in mid-November, and has now created resistance between 18 and 22, where a number of factors converge. In short, shares likely will take some time to turn bullish again.
Our Real Money Portfolio is constructed to cut losses quickly to preserve capital for the long haul and right now we’re facing a risk of a much greater draw-down based on technical analysis of recent action.
Please let me know if you have any questions or comments. You can reach me at brendan@cabot.net.