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Switching Gears for Swift Profits (Can You Do This?)

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

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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