Hey, Ross here:
Here’s another high-potential trade idea for you.
Chart of the Day
Bitcoin had a painful 2022. But the digital currency turned bullish this year and is now marching higher.
The Grayscale Bitcoin Trust (GBTC) is an exchange traded fund that holds Bitcoin but trades like a stock. So regular investors can get exposure to crypto without the hassle of digital wallets or sketchy cryptocurrency brokers.
The stock just completed a classic wedge pattern on decreased volume. This is the same pattern it showed back in February before a quick 50% surge higher.
Volume is telling the story here again. High-volume moves higher show accumulation while lower volume retracements indicate an absence of buyers.
The stock just broke through the $16.50 mark on above-average volume. To me, that’s a trigger to buy.
P.S. Want me to send you special trade prospects and potential market moves directly to your phone? Text the word ross to 74121.
Insight of the Day
Extreme bearish positioning can actually be bullish.
Hedge funds are currently sitting with the largest net short position in S&P 500 futures since late 2011.
On the surface, that may seem like a bearish sign – that the “smart money” is betting on another downward correction.
But if you look deeper, I believe this is actually a bullish sign.
Because the truth is – markets rarely crash when everyone’s expecting them to.
That’s why if you look at history, you’ll find that such extreme levels of bearish positioning have often been found near or at market lows.
If you recall, the S&P 500 was flat in 2011 – the last time we saw such levels of net shorts – before jumping by 13% in 2012 (the best gain in 3 years).
This is why I always preach looking beneath the surface – because that’s where the true opportunities lie.
Just keep reading this newsletter and I’ll show you many of these opportunities.
But if you want to move faster than the rest and get a hold of these explosive trades days before the rest gets them here – just click this link to become a member of my Stealth Trades Gold service.
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Embrace the surge,
Editor, Stock Surge Daily