Royal Caribbean (RCL)

Nov 29, 2021Trade Ideas

The 900+ point pullback may be a buy opportunity.

For one, the Omicron virus may be “extremely mild,” says Barry Schoub, chairman of the Ministerial Advisory Committee on Vaccines, as noted by Zero Hedge. “The cases that have occurred so far have all been mild cases, mild-to-moderate cases, and that’s a good sign.”

In addition, he said that a “large number of mutations found in the omicron variant appears to destabilize the virus, which might make it less ‘fit’ than the dominant delta strain.”

Two, Goldman Sachs just said, “this mutation is unlikely to be more malicious and that the existing vaccines will most likely continue to be effective in preventing hospitalizations and deaths” adding that “we do not think that the new variant is sufficient reason to make major portfolio changes.”

If that’s the case, the pullback may be a buy opportunity.

Especially in travel stocks, like Royal Caribbean (RCL), which gapped $10 lower to $68. That now puts the RCL stock at triple bottom support dating back to January 2021. From its current price of $68, we’d like to see RCL test prior resistance around $100 a share, near-term.

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