Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Sally Beauty Holdings, Inc. (NYSE: SBH) shares are trading higher by $1.41 at $28.02 in Monday's session. The catalyst for the rally is the announcement that the company will replace RR Donnelley & Sons Co (NYSE: RRD) in the S&P MidCap 400 index after the close of trading on Tuesday.
Therefore, all fund managers using this index as a trading vehicle must add the issue to their own portfolio in order to replicate the returns of the index. Managers who already own the issue for some other reason will have to make sure the size of their position corresponds to the issue's new weighting in the index.
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Fund managers who do not own the issue, will be forced purchase shares of the issue before the conclusion of trading on Tuesday.
Although the surge in price may be temporary, investors wanting to short the issue or exit a long should pay close attention to the price action in the issue over the next few days.
The surge in price has taken the issue to an important resistance area. Following a higher open, it rallied to $28.59, before retreating to the $28 area. That is just shy of a trio of highs from August 4 ($28.81), September 7 ($28.86) and September 8 ($28.67).
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.