Hey, Ross here:
And let’s start the day in the best way possible – with an actionable trade idea.
Chart of the Day
Gray Television, Inc. (GTN) is a broadcasting company that operates in the United States that also owns digital assets (i.e cryptocurrency).
The company has not been able to rally with the rest of the market as the indices have reversed and this stock has been stagnant until now.
With this earnings beat we can see that the stock was already heading higher and broke above all of our moving averages. We can see that was enough to get price to finally break above the 200-day moving day average which means this could be the start of a stage 2 market uptrend mark up stage.
The bullish case scenario would mean that the stock makes it back to all time highs and we see a nice run and trend over the 200-day moving average.
This could potentially set up to be a longer term play that can be held for months and you simply trail up the stop loss.
There are two ways one could play this.
The riskier way would be to buy now with a bigger stop loss beneath the breakout range area at $8.70. The safer solution would be to wait for a retracement and wait for the market to range before taking a trade and setting a stop loss below the 200-day moving average.
Insight of the Day
Shorter and shallower pullbacks point toward the strength of the underlying bull trend.
Had markets continued their decline yesterday, I wouldn’t have been surprised in the least. It would just have been a natural continuation of the pullback that began last week.
Instead, markets closed higher, with the Dow posting its best day in nearly two months.
Will the pullback continue? No one can be certain, but the odds are definitely there.
But the fact that the current pullback appears shorter and shallower than most expect tells me that the strength of the underlying bull trend is there.
And that’s a great sign, because it means that the leading stocks I’m targeting are likely to still see solid gains – fast.
So, if you want to add these leading stocks to your portfolio – and give yourself the best chance of outperforming even this bull market…
Make sure you click here to save your seat for my LIVE session at 12 p.m. Eastern later today.
I’ll be breaking down my exact strategy for targeting these market-crushing stocks – so don’t miss it.
Just click here to save your seat…
And I’ll see you at 12 p.m. ET sharp.
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
