Hey, Ross here:
And let’s start the day with an actionable trade idea.
Chart of the Day
Unity Software (U) is a big player in the metaverse space since the company specializes in real-time 3D content.
The company is also deep in AI development which is a space I want as much exposure to as possible.
The stock has had a hard time getting above the $43 level, but the recent surge in volume looks like the fuel it needed to power to new highs.
You can also see the cup and handle pattern I have drawn on the chart.
U looks buyable to me here or on any pullback to its 21-day moving average (yellow line on chart) – which currently sits at just above $39.
Insight of the Day
Low market correlation creates high-potential opportunities
Right now, S&P 500 correlation – which measures how much stocks move in sync – is sitting at its lowest point since November 2021.
This means that stocks are moving highly out of sync, and even though the index has been rising, some stocks are far outpacing the rest (while others are lagging behind).
For some, this low correlation may be bad news.
But for us, it leads to high-potential opportunities from going after these leading stocks that are racing ahead of the rest.
And until tomorrow only, you can still get it for just 99 cents. So don’t delay.
Embrace the surge,
Editor, Stock Surge Daily