The market got some bad news Thursday as the PPI report came in hotter than expected.
Inflation doesn’t look like it’s under control, and the market is reacting negatively.
It looks like higher rates for longer is what we’re going to get.
But not everything is rolling over.
Some stocks are near new highs and look ready to break out.
Royal Caribbean (RCL) is in that group.
Here’s the chart:
It’s already broken above one of our old levels for a nice profit.
A break now above $133.77 could lead to a bigger run.
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.
