Hey, Ross here:
Check out what I got for you today.
Chart of the Day
AppHarvest (APPH) is a fascinating company. It is a pioneer in the field of “vertical farming” – the use of large indoor farms where plants are stacked vertically several stories high.
This allows for an immense reduction in the water needed to grow crops as well as a better utilization of space since, instead of growing one row of crops across a piece of land, they can grow 20+ rows in these large multi-story grow houses.
So I like the story here. But more important than that is the price action.
Shares are up big in 2023 – having roughly tripled as of today.
It is forming a brief consolidation zone here at the 200-day moving average and holding up well. If the stock can get above $2.65, I expect to see another leg higher.
Disclosure: I own shares of APPH.P.S. If you want special trade prospects and potential market moves sent directly to your phone from me – just text the word ross to 74121.
Insight of the Day
The jobs market is strong, but not as strong as last week’s report indicates. Take it with a grain of salt – because the Fed certainly is.
Last week’s “blockbuster” jobs report might have been a good sign for the economy – but markets took it the other way. Concerns that the Fed may be forced to raise rates even higher because of the labor market has put downward pressure on stocks.
But if you look beneath the surface – as I frequently tell you to do – you’ll see that a lot of the job gains are due to seasonal factors and past revisions. Yes, the labor market is strong. But it’s not “blockbuster” strong, as the report may indicate.
My most popular breakout strategy relies on spotting the telltale signs that institutional money is about to pour into a stock and send it surging. I created this system after years on Wall Street, and right now, it’s been pinging me with one fast-moving opportunity after another. Check it out here.
Embrace the surge,
Ross Givens
