Hey, Ross here:
Check out what I got for you today.
Chart of the Day
Melco Resorts & Entertainment (MLCO) owns and operates a handful of luxury resorts, clubs and casinos.
The leisure group has been responsible for a high percentage of super performance stocks in the past, so I’m happy to see a good trending name in this sector.
The stock broke out of a consolidation base in late November and hasn’t looked back since. Shares have been holding their 10-day EMA (yellow line) the entire time – a sign of strength for any stock.
I will consider buying on a pullback to the 10-day or a high volume move above $14 per share.
Insight of the Day
There may be a “stealth” bull market brewing beneath the surface that most people are missing.
For the last four months the NASDAQ has been essentially flat while the percentage of stocks above their 200-day has been steadily rising.
In other words, the poor performance of the big names like GOOG, META, AAPL and others are hiding a stealth recovery below the surface.
This is the opposite of what we were seeing in 2021, where these handful of mega-cap names were essentially propping up the index.
This is a good sign that a new bull market may be underway – even if most people are still distracted by the “headline numbers”.
Conditions like these also create plenty of “pricing anomalies” in the market – anomalies we can exploit using this strategy.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
