Hey, Ross here:
Welcome to the start of a new week. Markets may still be pulling back – but I still see many opportunities that could be up for the taking.
Chart of the Day
Above is a weekly chart of Alpha Metallurgical Resources’s (AMR) stock. It has been forming a base for almost a year, and the larger time-frame chart makes that easier to see.
Notice the series of shallowing retracements from left to right as the stock continuously found support at its 200-day moving average (white line).
Resistance is clearly defined by the dashed line on the chart at $175 per share.
If AMR can break through and stay above that level for a week, this could be the start of a longer-term trend higher for AMR.
P.S. Want special trade prospects and potential market moves sent directly to your phone from me? Then just text the word ross to 74121.
Insight of the Day
Just because the market is having a case of “rates indigestion” doesn’t mean we’re going to enter a new bear market.
There’s no sugarcoating it – this pullback has been painful, with the S&P 500 now having fallen about 5% from its most recent peak at the beginning of February. The NASDAQ has pulled back even further by 6.6%.
But if we zoom out a little further, the S&P 500 is still up almost 4% this year, while the NASDAQ is up almost 10%. And compared to its October low, the S&P 500 is up by 11%, while the NASDAQ is up by 11.6% compared to its December low.
To me, the market is just having a bad case of “rates indigestion” as it slowly accepts the narrative that rates will likely be higher for longer.
Only time will tell whether I’m right or wrong. But in the meantime, there’s no point sitting and waiting when there’s still plenty of fast profits to be made right now.
My “stealth profits” system has been pinging me almost non-stop about one juicy opportunity after another. See how you could spot these fast opportunities by clicking here.
Embrace the surge,
Ross Givens
