JNJ pushed above and closed at a new all time high so far this week. WIth the market under some selling pressure on Thursday, JNJ still closed above previous All Time Highs.
If the market was to start taking on a defensive posture, this stock in the Healthcare area could work well in that environment. Healthcare is one of the defensive sectors. The volume has been strong the last two weeks and will probably push to a stronger volume than the last 4 weeks with Friday's action.
Lately Healthcare, Utilities and Consumer Staples have been some of the top performing sectors.
Greg Schnell, CMT, MFTA