Hey, Ross here:
The markets may not know where they want to go – but that doesn’t mean there aren’t high-potential trade ideas you could take action on. Check out today’s idea.
Chart of the Day
Tecnoglass (TGLS) is on a tear. The stock more than doubled over the last four months.
Last week, the company shattered earnings expectations and ripped high once again. It reported earnings growth of 118% and a 60% jump in sales.
The quarter before was equally impressive.
This is a market-leading stock. And Friday’s 6% dip to the 10-day moving average is an attractive place to buy some shares.
I would love to build a position in the $36–$40 range and ride the earnings momentum back into new highs.
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
Build positions in strong individual stocks instead of obsessively watching the Fed.
Thanks to Silicon Valley Bank’s (SVB) collapse, the 2-year Treasury yield has fallen by over 1% in just 3 days. That’s the biggest and fastest drop since Black Monday in 1987.
Now, Goldman Sachs expects the Fed to not hike rates later this month. And many are crying that the Great Hiking Cycle is finally over (check out this Bloomberg headline):
Me? I’m not counting on it. That would be giving way too much credit to Powell’s competence. Plus, this isn’t 2008 – risk of contagion is very limited.
Of course, this won’t stop pundits obsessively trying to guess what the Fed will do at its meeting next week. Expect to see mainstream news headlines talking about this for the next 10 days.
You can read those articles if you want. But don’t let them distract you from your goal – profitable trading.
And to do that, we don’t watch the Fed, we watch the price action.
Right now, I’m still seeing “Stealth Trade” patterns forming all over the place. And that tells me there are still plenty of fast-moving opportunities to be captured. Want to learn more about these Stealth Trades and how to profit from them? Just click here.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
