Well, that was a shocker.
Yesterday, in the last hour and a half, the market plummeted after being bullish all day.
Why?
No one knows.
Here’s the thing: we never really know. We can guess and probably come up with a reasonable answer.
But the market is one of the most complex, chaotic things on earth.
And no amount of research or advanced AI will ever change that.
Sometimes, we just have to trade our system and go with the flow.
Looking at the charts, we notice that–despite yesterday’s sudden plummeting–Carnival Corp. (CCL) has been surging toward a possible buy point.
Cruise and Leisure stocks have been punished for a long time, but CCL is currently one of the hottest stocks in the country.
Here’s the chart:
Since late October, CCL has been a monster.
And if it breaks above $19.55, it could be even more monstrous.
As long as chaos stays calm.
We’ll keep an eye on it.
Happy trading,
— Scott Welsh
P.S. As a reminder, these plays are based on my longer-term Weinstein Stage Analysis method. The chart above uses weekly candles and a 30 week simple moving average. For details on this method, see my explanation on this Ask The Pros episode starting at timestamp 20:45.
