it was too good to be true
 
   
     
   
 
JUNE 4, 2024
   
PROSPERITY PUB MARKET TALK
Did You Catch the 99.97% Off Sale on Berkshire Yesterday?
 

Did you hear about the wild ride in the stock market yesterday?

For a brief moment, you could snag Berkshire Hathaway (BRK.A) for a mind-blowing 99.97% discount. That’s right — Berkshire, usually trading at over $600,000 per share, was briefly listed at just $185.10.

So, what happened? The New York Stock Exchange (NYSE) experienced a glitch that caused several major stocks to plummet in price.

Alongside Berkshire, Chipotle (CMG) and Barrick Gold (GOLD) saw their prices drop dramatically.

GOLD was down to 25¢ at one point, causing quite a stir among traders.

But before you get too excited about these once-in-a-lifetime deals, there's a catch: The NYSE has decided to cancel all trades that occurred during this glitch.

It’s a bit like hitting the jackpot on a slot machine, only to have security come over and tell you it was all a mistake and you don’t actually get to keep your winnings.

According to the NYSE, the issue stemmed from a technical glitch related to industry-wide price bands, which triggered trading halts on up to 40 symbols. 

While it wasn’t caused by a cyberattack, it still threw the market into chaos for a couple of hours.

Even though the transactions are being reversed, it was a wild ride and a reminder of just how unpredictable the stock market can be.

We can all dream about getting such deals, but for now, it seems we’ll have to wait for the next opportunity.

Stay tuned for more market updates and insights from the Prosperity Pub Team.

— The Prosperity Pub Team
 
The Modern Gold Rush

The modern gold rush is here… but put away your picks and shovels!

Because Jeffry Turnmire has developed a new way to target gold’s weekly moves right from inside your brokerage account!

With a quick 3-day in-and-out strategy, you’re targeting quick double and even triple-digit moves — without buying and holding!

Discover the Weekend Gold Rush trade!
SCOTT WELSH’S TICKER TALES
Look To the Skyward (SKWD)
 

As we mentioned last week, boring is hot right now.

Companies that don’t obviously rely on AI and provide mundane day-to-day solutions are en vogue.

We talked about HIG last time. This time we’re looking at Skyward Specialty Insurance (SKWD). 

It provides commercial property and casualty insurance, mostly in the U.S. Yawn.

Yet that group is one of the top 40 hottest groups in the world. 

Here’s the chart:
 
 

We know how new stocks can make big moves, and SKWD fits that mold also.

If it breaks above $38.64, we could see a nice run.

We’ll keep an eye on it.

Happy trading,
— Scott Welsh

P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The charts above use weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45.