On a somewhat related note, I recently skimmed the headline of an article in which the gist of it was that India is pissed off at the U.S. tobacco industry for causing so many smoking addictions with all of the accompanying health issues. Most of us know that the biggest growth markets for the tobacco co’s have been the overseas markets once the FDA finally clamped down the vices here in the U.S.
If I recall, that’s when & why Philip Morris split into 2 separate companies (MO & PM), one to focus on the U.S., with their strict regulations & the other to continue to aggressively market (with fewer restrictions) cigarettes to the loosely regulated & extremely large overseas markets. Wouldn’t surprise me to see India & some other countries follow suit with the FDA’s plans to lower the nicotine content. Haven’t had a change to read that article but maybe they mentioned that.

Thanks. Just from scope of the big selloffs on Friday, I figured it was most likely a news driven catalyst but as noted above, it was also a technical breakdown and the two are very often inter-related meaning that the technical setup is there & quite often, the breakdown (or breakout for a bullish chart formation) is triggered by a news/fundamental catalyst. Thanks for passing that along.