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Beware the Market’s Narrative

Published June 29, 2023

Hey, Ross here:

And let’s start the day off with another actionable trading idea.

Chart of the Day

Cybersecurity stock CrowdStrike Holdings (CRWD) has been a top performer in 2023.

After a vicious Stage 4 downtrend that wiped out 70% of its value in the 2022 bear market, CRWD has come ripping off the low this year.

It reclaimed its 200-day moving average (red line on chart) last month and continues to advance higher.

The white line on the chart above shows a key support/resistance level in CRWD.

The stock found resistance here earlier in the year and it has so far served as support after getting above the 200-day.

The stock is also sitting on its 50-day moving average (green line on chart) which should serve as additional support.

I would consider buying here with a stop just below the 200-day line at $133. This would represent about a 7% risk on the trade.

Insight of the Day

Always trust data over narratives.

The uncertain nature of investing/trading naturally lends itself to narratives. That’s unavoidable.

But while narratives can capture the popular imagination, cold-hard data always trumps narratives.

For instance, take a look at this chart showing how many times US economic data has diverged from consensus estimates – both to the upside and downside.

As you can see, for 2023, we’re largely only seeing big surprises to the upside – despite the “inevitable recession” narrative getting endless play in the mainstream media.

This is why my conviction that we’re in a new bull market remains strong.

It’s also why I always trust hard data over market narratives.

And later today at 3 p.m. Eastern, I’m going LIVE to share my strategy of using “hidden data” to uncover opportunities that go against the market’s narrative.

Only a few traders know about this strategy – the rest are hopelessly caught up in the market’s narrative.

I don’t want you to be part of the blind masses.

So just click here to save your seat…

And let me show you how you could go against the market’s narrative – and come out way ahead.

I look forward to seeing you at 3 p.m. ET sharp.

Embrace the surge,

Ross Givens
Editor, Stock Surge Daily

Stocks within Article - CRWD

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Ross Givens

I bought my first stock when I was 12 years old. It was Microsoft. I’ve been a registered financial advisor. I’ve worked as a stock broker. I ran a managed fund. I was a Vice President at JP Morgan with Series 7, Series 66 and Series 3 securities licenses. I’ve been featured on Fox Business, CNBC, Bloomberg, and a bunch of other networks. The only thing I enjoy more than making money, is helping YOU make money.

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