Paper stocks as you mentioned are not reacting too enthusiastically to what appear to be superb results. I don’t follow the sector too closely once I had exited some picks from the sector.
I am usually wary of companies and sectors where the main tailwind is price rise due to shortages and such reasons. Those holding positions should listen to concalls in sectoral stocks where its being done and try to figure out how things stand.
Regarding the sector topping out, I think its too early to conclude. Maybe watch for a few more trading sessions and see how stocks react.
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