Hey, Ross here:
Last week was an absolute sh*tshow in the markets – with the S&P 500 suffering its worst week since September last year.
In just a bit, I’ll tell you why I’m STILL bullish on the markets.
But first, check out today’s actionable trade idea. And believe it or not – it’s not a short trade.
Chart of the Day
Manitowoc (MTW) is a machinery manufacturer producing cranes and related lifting equipment for the chemical, energy and construction sectors.
Business is booming, and earnings were up 67% and 185% in each of the last two quarters.
The powerful uptrend is undeniable on the chart. MTW has also seen big and consistent volume flowing into the stock, especially in the last couple weeks.
The recent pullback is an opportunity to buy this stock under its 10-day moving average. I don’t expect to see MTW trade below $17 per share.
P.S. Want me to send you special trade prospects and potential market moves directly to your phone? Text the word ross to 74121.
Insight of the Day
Powell’s screw ups can be your opportunity (but please be cautious).
The culprit of last week’s massive pullback was Wall Street enemy #1 – Federal Reserve Chairman Jerome Powell.
He printed $8 trillion in 2020, causing the whole inflation debacle in the first place. He then insisted that inflation was “transitory” – and when that narrative was blown apart, he’s been raising interest rates faster than ever before in history to fix his mistake.
Last week, he opened his big mouth in front of Congress saying interest rates are “likely to be higher” than previously anticipated.
Never before has one man pumped and dumped the entire stock market with such reckless abandon and an absolute neglect for how it impacts people’s lives. And he just had to do it on the week of my 40th birthday no less.
But while I am definitely bearish about Powell’s intelligence, I remain bullish on the market.
Here’s why – the Fed wants to keep raising rates because economic data is still strong. And the idea of shorting stocks because the economy is too good just doesn’t make a lot of sense.
Of course, we still want to be cautious here. But a lot of stocks are still advancing nicely – like the MTW trade idea above.
This means Powell’s screw ups your opportunity. I’ll keep sharing these opportunities right here on this newsletter – there are many more of them than you think.
But if you want to skip the line and get access to these fast-moving opportunities before others see it on this newsletter – then please click here to find out how.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
