Hey, Ross here:
While we wait to see how the market will digest the just-released inflation data, let’s look at a chart that can give some indication of the market’s mood.
Chart of the Day
It’s taken 569 trading days – but the Nasdaq has finally joined the S&P 500 and the Dow in the “new record highs” club.
And for the month of February, all indexes have closed positive.
One noteworthy fact – since its October 2023 low, the S&P 500 has shot up nearly 24%. And that upward move has happened without a single 2% decline on a closing basis.
That’s the biggest upward move in the S&P 500 without a 2% decline in 20 years.
Bulls look to still be very much in control – despite what the market internals say.
And that’s why, as I elaborate in the Insight of the Day, we should ride the rally while we still can.
Insight of the Day
The most bullish thing the market can do is keep going up…
Which is why we should ride the rally while we still can.
Yes, market participation is not where it needs to be for another sustainable big move up (fewer than 55% of stocks are trading above their 50-day moving averages).
And I still do believe we need a pullback or pause before the next major rally can happen.
But with proper risk management and careful stock selection, we can squeeze more profits out of this rally while still protecting our downside.
You see, when the market is as hot as it is now, the big institutional investors almost HAVE to keep buying…
Cause it’s simply too hard for the investment managers who work there to justify to their higher ups why they’re NOT buying.
We can use that to our favor by targeting the same stocks as these institutional investors – essentially using their money to profit…
So click here now to watch my presentation on a strategy that will allow you to do just that.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
