Hey, Ross here:
Another good day for stocks yesterday. And here’s a trading idea to consider.
Chart of the Day
Apparel and retail names like Buckle (BKE) have also been strong for the last few months.
BKE has been holding its 21-day moving average beautifully throughout the entire move.
Shares have now pulled back to it once again and are sitting at the most recent breakout level.
One may consider buying here with a tight 5% stop loss to see if the trend continues.
Insight of the Day
You need to be able to flip the switch from short to long, from bearish to bullish, from defensive to aggressive (and vice versa) in an instant.
As I said yesterday, I believe we are in the early stages of a new bull market. That’s what the data is telling me, which is why I’ve flipped from shorts to longs in many of my trades. I’m betting bullish.
Could I be wrong? Absolutely (and don’t trust anyone who tells you different).
But here’s what’s important – I’m staying agile. If a recession hits and the market falls again, I’m 100% ready to flip the switch again and adjust my trades for a bearish market.
The “smart money” knows this. It’s why they seem to make money no matter what’s happening in the markets – unlike most retail traders.
That’s why, instead of worrying about the Fed or the economy, I’m leveraging these “smart money” trades – and “using” them to target fast profits. I explain more here.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
