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Episode 134: As expected, during this correction some of the key defensive “sin” stocks are holding up fairly well- for example alcohol & tobacco stocks Altria and Constellation Brands. However, neither of these stocks are trading at favorable multiples. Altria is having difficulty at its 50dma. If this correction gets worse, these stocks will also roll over.
A gloomy, but bright spot in the economy is the violence sector- stocks like Smith & Wesson and to a lesser degree Taser. S&W is not up because hunting is in vogue, but rather fear of violent crime and an out-of-control police state. Our economy may not be headed into a recession but it might be dragged down by insuppressible crime and riots.
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