Hey, Ross here:
Just a couple more days till the Christmas weekend! In the meantime, here’s what I got for you.
Chart of the Day
Energy company Otter Tail Corporation (OTTR) is another textbook example of support becoming resistance.
When there is heavy selling like we saw in OTTR in early November, institutions are showing their hand. They are dumping the stock and possibly even selling it short.
From that point, the only question is – where do we get in?
For me, I like to sell short when the stock retests its previous support like we just saw in OTTR.
DISCLOSURE: I am short OTTR from 60.25.
Insight of the Day
There’s always a bull market happening somewhere.
Stocks rallied yesterday thanks to some positive earnings reports plus strong consumer confidence data. Does this mean 2023 will be much rosier than anticipated?
Here’s the answer – nobody knows, and it doesn’t really matter anyway. Because what you must understand is that no matter how bad the overall market, there’s always a bull market happening somewhere.
In 2022 it was energy stocks (plus some others most don’t know about). In 2023 it’ll be something else. What’s important is having a strategy that could reliably spot and capitalize on these ever-present “mini bull markets”.
And one of the best strategies I know for doing so is by following the footsteps of those with the ability to cause these “mini bull markets” in the first place – the big institutional money. Only a few know how to do this – but I’ve got all the details here.
Embrace the surge,
Editor, Stock Surge Daily