One more trading day before a well-deserved weekend! Here’s what I have for you today.
Chart of the Day
DexCom, Inc. (DXCM) produces glucose monitoring systems for managing diabetes. And its stock is a SERIOUS outperformer.
Its relative strength line (the top part of the chart) has been trending higher since June, and the stock is up over 76% during that period. Plus, sales are growing at a healthy clip and earnings are forecast to grow 38% in 2023.
After reclaiming the 200-day moving average in June, the stock held and pushed higher – and it just broke through the $120 support level.
We are now at what could be the early days of a new Stage 2 uptrend. It’s time to consider buying.
Insight of the Day
When markets seem to make no sense – focus on what DOESN’T change.
Markets snapped their losing streak yesterday because jobless claims INCREASED – as this means the Fed “might” reduce the pace of their rate hikes. That’s just the type of market we’re in now, folks.
Some inflation data will be released today (it might even be out by the time you read this) and this will again influence where markets go today. Interestingly, the main CPI data comes out next Tuesday – right before the Fed meets. That will be a major driver of stock prices next week.
But unless you can predict inflation, the Fed’s actions, AND how the market will react to them – this isn’t a game worth playing. I don’t always agree with Warren Buffett, but he’s absolutely right in his advice to focus on what DOESN’T change.
And you know what never changes? Greed – the fact that people will always use whatever advantage they have at their disposal. For example, corporate insiders who have material information about their own companies will almost always use that information to time their trades in their own company stock.
To me, there’s no better way to time the market than by following these trades. I’ve even come up with a complete system for identifying the best of these insider trades – a system that could have made you fast triple-digit gains in recent years (even a 1,500+% gain).
But I’m closing enrollment to this system on Sunday. So if you want to learn more about one of the most powerful – and enduring – trading edges anyone could get, click here to watch my final presentation on this strategy before it’s too late. It’s time to take advantage of the greedy.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
