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The Bull Market Remains in Full Effect

Published July 10, 2023

Hey, Ross here:

And let’s start the new trading week with a breakdown of what happened last week.

Chart of the Day

As of market close on Friday, stocks were down roughly 1% for the week. After hitting a double top on Monday (see chart), the indexes pulled back slightly into their 10-day moving average.

The S&P continues to hold above the 21-day EMA, however, so this uptrend is more than intact.

The bull market we called for in January remains in full effect.

Still, there’s no denying that pullback days like Thursday can be a great stress test for the market.

Did the market sell off all day and close near the day’s low? Or did it rally back in the afternoon and “reject” the selling pressure like we saw yesterday?

For individual stocks that pull back, was the selloff on heavy above average volume? Or did it take place on lighter volume?

The latter is what I want to see from market leaders – and a quick look at the leading stocks tells me leadership is still intact.

Nvidia, Meta, Palo Alto, Dynatrace, Marvell and Microsoft are all holding up well near their highs.

In trading, you always want to focus on the strongest names –stocks showing the greatest strength, especially when things are ugly.

Unless they start rolling over, the bull market is intact, and the AI theme we have seen play out over the last six months will continue to be where we focus our efforts.

Insight of the Day

When pullbacks occur, look for names that are bucking that trend

I keep a watchlist in TradingView with 49 AI stocks on it. An hour into Thursday’s session, 48 of those stocks were red.

But one stock was green – DigitalOcean Holdings (DOCN).

Despite the bloodbath taking place, DOCN was actually up 4% on the day. It was also breaking above a short-term pivot point at $41.

We immediately recommended this stock as a buy to our Alpha Stocks members.

What happened next? DOCN surged – and we were up 14% on the stock in less than 24 hours.

We did the same for Redfin barely a couple of weeks ago.

And I’m betting my Alpha Stocks strategy will be spotting a lot more similar opportunities this year.

So if you don’t want to miss out on fast gains like these…

Make sure you click here to start using this strategy for yourself right now.

Embrace the surge,

Ross Givens
Editor, Stock Surge Daily

Stocks within Article - DOCN, DT, META, MRVL, MSFT, NVDA, PANW, RDFN

Market, Stock Charts, Stock Market, stocks, Stocks to watch, Surge Stock Indicators

Even Bill Gates himself has said that generative AI has “peaked” and that the next version of ChatGPT won’t be much better than the current version.

So where will the next wave of AI innovation – and profits – come from?

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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