Hey, Ross here:
And what better way to end the week than with another great trade idea?
Chart of the Day
Software company Qualtrics International (XM) made a huge move last month when the company reported sales and earnings numbers far in excess of analyst expectations.
I’ve used a weekly chart to give you a big picture view.
Shares have pulled back only slightly and are now sitting on a significant support level at their 10-day moving average.
One might consider a buy here with a 6% stop loss near $15.00 – just beneath the stock’s 21-day moving average.
If the surge is to continue, this level should hold.
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 markets are at a crossroads – but many prime stock setups are still shining.
Indexes are at a crossroads right now – testing their 50 and 200-day moving averages. If these support levels hold and buyers step in, the bulls will ultimately be in charge.
So, until I see clear evidence the market is weakening, I remain bullish. That means I’m buying stocks, not shorting them.
Plus, although the bulls and bears are still fighting it out, I’m seeing plenty of evidence that the big institutional money is still pumping money into stocks. And when that happens you can profit right alongside them – provided you know how to spot signs. See how to do that here.
Embrace the surge,