Stock Spotlight: INTC
As I shared openly last week, I am bullish through the election unless something dramatic changes.
I went live in August during the correction and the first week of September when it was massively red and said I still see a path toward bullishness through November which was not a well-received opinion…
But fast forward 3 weeks and we hit new all-time highs.
Now, when the market makes all-time highs, it usually goes on to BEAT the all-time highs.
And not by a dollar or so. Typically, the market climbs 5%, 10%, or even 15% above the previous high before any major correction.
Given the break to all-time highs, that is what I’d expect until proven otherwise.
Could I be wrong? Sure, but I am going to trade under this confirmation until proven otherwise.
What does that mean in the immediate term? Like what about this week?
For me, I’d say anything other than a major bearish week is a pretty good sign.
Even a “pause” week that ends up being neutral or down .5-1% is totally in line with an eventual continuation.
Essentially, unless the market decides to sell off all the positive reactions from last week, I’d say we’re still in pretty positive shape overall.
So, I am still looking with a fully bullish bias at market opportunities.
Now, does that mean the market is guaranteed to go up? Of course not.
Let’s be super clear: I could be wrong.
But I think it’s important to define when you should be bullish vs when you should be bearish vs when you should be somewhere in between (aka be careful).
A few weeks ago, I was advising being careful and using pair trades to be agile in an uncertain market. We were seeing clear momentum in both directions and so I didn’t have a clear directional bias guiding my overall trade ideas.
Fast forward to today and I think we have as clear confirmation of bullishness as we could ask for…So let’s act on it.
This recent bullishness doesn’t mean I am guaranteed to be right, but you have to have a set of scenarios where you are either bullish, bearish or careful… And, for me, this is the time to be bullish.
— Nate Tucci
P.S. Already out with a big winner on our first “Profit Pair” opportunity from this week.
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