Well, that escalated in a hurry.
The market has been languishing for weeks now, and the world news sure hasn’t looked promising.
And then the Fed worked its magic.
In its typically vague and confusing way, the Fed hinted that the hiking of rates might be over.
They might be over. It’s always might.
But the Bulls took that as a yes — and the market exploded after 2 pm ET.
And General Dynamics (GD) looks ready to make a new all-time high:
GD was pushing upward before the Fed meeting yesterday and now it’s right near a possible early entry at $245.06. A break above that level could lead to a run above the all-time high.
Or a patient trader could wait for an actual break of the all-time high at $256.86.
A break of either of these levels could lead to a nice move.
We’ll keep an eye on it.
— 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.