It was only a few weeks ago when the fundamental commentary was about the money that would be lost by owning defensive sector stocks. This BlackRock Multi-Sector Income Trust (BIT) generates 8.5% and closed out the year hitting a new 52 week high! While everyone was trying to outperform the market with aggressive stocks, this income strategy paid out very well.
If the overall market is setting up for a pullback in January, this looks like a nice chart profile that can help you sleep through the night.
Good trading and Happy New Year,
Greg Schnell, CMT, MFTA.
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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