Hey, Ross here:
And let’s start Thursday with another fast and actionable trade idea.
Chart of the Day
InterDigital (IDCC) is another high-flier taking a pause to digest its recent surge.
Investors loved the most recent earnings report and drove the stock up 28% in a week. The run happened on good volume with nice follow-through, so I expect to see shares continue to drift higher.
Right now, IDCC has a support shelf near $82. I would be surprised to see it get much lower than that.
A trader could buy here with a 5% stop loss for a low-risk trade.
P.S. Would you like special trade prospects and potential market moves sent directly to your phone? Text the word ross to 74121.
Insight of the Day
I told you so.
Markets closed down yesterday on worries surrounding whether the debt ceiling deal would get through Congress.
At midnight yesterday, news broke that Congress had overwhelmingly passed the deal, with massive bipartisan support – the kind you just don’t see in modern politics anymore.
Next stop is the Senate…
And even though the media might try to hype it up as some big challenge – like they did with whether it would get through Congress…
It’s all just a sham.
The deal will no doubt pass – most likely on Friday – so the Senators can all go home for the weekend.
Anyway, the good news is that because markets closed lower yesterday – and the deal only happened after…
We might be looking at a very strong day in the markets today…
Which could trigger many of my favorite “FIRE Patterns” to take off.
This is a very specific chart pattern that could have handed you gains like 61%, 97% and 142% in this very market…
And I’m going LIVE later at 12 p.m. Eastern today to show you how to start using it for yourself.
If making those kinds of gains is something you’d like, then make sure you click here to save your seat…
And I’ll see you very soon.
Embrace the surge,
Editor, Stock Surge Daily