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Short-Term Memories

Hey, Ross here:

And let’s start the middle of the trading week with yet another actionable trade idea.

Chart of the Day

This is Grayscale’s Ethereum ETF, ETHE – and it is showing strength similar to Bitcoin.

Notice how ETHE closed below the 21-day exponential moving average (yellow line on chart) on August 1st. It came right to previous resistance and bounced hard on high volume the very next day.

This is what I want to see – aggressive buyers taking advantage of temporary price drops.

On top of that, the 21-day moving average also served as effective support during yesterday’s drop – another good sign.

I took a position in this stock last week. I want to see it hold above $10.75.

Insight of the Day

Trading and investing is emotional – which is why traders and investors have short memories.

The S&P 500 has pulled back by about 4% from the highs in late July.

That’s the steepest pullback we’ve seen in five months – so it’s no surprise why there’s all this market anxiety floating around.

Yet, the pullback from February–March this year was about 8% – double what we’re seeing now.

But many people have forgotten what it felt like to go through that pullback. They only remember the exuberance from the subsequent bull run – and are comparing that to how they feel now.

You want to be able to zoom out and look at the bigger picture.

Longer-term consolidations like this are normal – as are rotations in market leadership.

The bull market is still in effect. We just have to be a little patient.

As new market leadership emerges, the big opportunities will come.

And here’s a strategy that will allow you to take advantage of them.

Embrace the surge,

Ross Givens
Editor, Stock Surge Daily

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Ross Givens
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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