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No Defensiveness Detected

Published August 31, 2023

Hey, Ross here:

And let’s look at an interesting chart that bodes well for another rally in tech.

Chart of the Day

(Chart courtesy of @allstarcharts)

The above chart shows the ratio of the Consumer Staples Sector (SLP) vs the S&P 500.

It’s made a new 52-week low, which means that – despite the positive price action we’ve seen over the past few days – that money is NOT rotating into the Consumer Staples sector.

Why does this matter? Because Consumer Staples is traditionally a “defensive” sector…

Meaning if this were the start of a more severe correction, we would likely see money rotating into Consumer Staples instead of out.

Of course, don’t take this as gospel – I want to see the price action play out a bit more before making a more definitive call.

But it’s a good sign.

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Insight of the Day

Remember that the goal of a healthy pullback is for the “weak hands” to be shaken out

Evidence is mounting that the decline we saw in August was just a healthy pullback – and the bull rally will continue sooner rather than later.

If that turns out to be the case, remember what the goal of these pullbacks are.

It’s to shake out the “weak hands” – the naive optimists who jump in at the peak and expect the market to keep going straight up.

Once they’ve been shaken out, then the market is free to keep moving higher.

That pattern has played out multiple times this year – and it might be playing out again.

If that turns out to be the case…

Then you’ll want to equip yourself with this strategy before that happens.

It shows you how to target stocks that have just gone through a pullback – and could be about to blast off higher.

It’s already responsible for multiple triple-digit gains this year – so you don’t want to miss your chance.

Embrace the surge,

Ross Givens
Editor, Stock Surge Daily

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Ross Givens

I bought my first stock when I was 12 years old. It was Microsoft. I’ve been a registered financial advisor. I’ve worked as a stock broker. I ran a managed fund. I was a Vice President at JP Morgan with Series 7, Series 66 and Series 3 securities licenses. I’ve been featured on Fox Business, CNBC, Bloomberg, and a bunch of other networks. The only thing I enjoy more than making money, is helping YOU make money.

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