Hey, Ross here:
And here’s another fast actionable trade idea for you.
Chart of the Day
STMicroelectronics (STM) is one of the top semiconductor stocks in the industry.
Last week it made new all-time highs. Then it pulled back in this week’s growth stock decline.
There are several reasons I like this trade.
First, look at the volume. Notice the above average trading volume as the stock advanced to new highs, followed by lower volume during this week’s pullback.
This indicates to me that there were no major sellers.
The stock also stopped and found support at a predictable area. Not only is this the previous breakout level, but it is also holding at key moving averages.
Things could always change. But right now, this is a healthy pullback and a buyable entry point on STM.
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
Always remember that the indexes only represent averages.
Everyone looks to the indexes to gauge the overall direction of the market. But regardless of which direction they’re moving in, it’s critical to remember that the indexes only represent averages.
If you’re reading this, chances are you’re not some passive investor who just blindly dumps money into index funds every month. You’re a trader who’s not content to simply accept the market’s average returns.
That’s why the most important thing to pay attention to is what the price action in individual stocks is telling you. Because ultimately, that’s how you’re going to beat the market.
And right now, the price action is telling me that the pullback is creating plenty of juicy opportunities for you to pounce on right now.
I’m sharing many of these opportunities right here on this very newsletter.
But if you’d like to get the chance to act on these fast-moving trades days before you see them here – just click this link to become a member of my Stealth Trades Gold service.
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Embrace the surge,
Editor, Stock Surge Daily