It's October! The markets are already cheering the move out of the worst month since the Pandemic lows in March.
Is that it? Has the market finally topped? I don't think so.
Why? The same reasons why we haven't topped in the past. Low interest rates, continued Central bank support. Another round of stimulus and Pandemic relief from the government will help fuel this next move to the upside.
I pointed out this short term possibly for the market yesterday in the chat room...
Longer term I think we'll be making new record highs again.... but what do I know... I've been plugging new record highs, into all my articles the last 10 years... and sure enough the market hits new record highs not too long after... so.... until that stops happening I'm not going to stop saying 'new record highs'.... even if it felt a little out of place in April .... ehhh .. what do I know?
Some trades I like into years end.
Yesterday BIDU finally broke that wedge. I think its setting up for a move to $150+
The most recent move for $GS looked eerily similar to what preceded the last rally. A big shakeout to the downside. If it gets back into the wedge I like the set-up for a move to $230+ $240... $250 even???
EBIX is a name thats struggled since the Pandemic lows. Despite the CEO buying back millions of $$ in shares and other insiders buying as well. It's a heavily shorted name and yet has quite a few analysts expecting much higher prices down the road. I think if it can break this wedge $30, $40, $50 and even $60 down the road are possible. This one will have the biggest reward. It goes on massive benders from time to time. $30, $40, $50 might sound crazy for a $20 stock... come check back in 2021.... and perhaps crazy isn't so crazy.
Boring material , fertilizer names?
I think these are going to get hot in the future and into 2021.
NTR BG MOS.
MOS I think has a decent chance at $30s by early next year.
NTR low $50's
and lastly AA.... boring old Aluminum
AA? Low $20's?
It may sound crazy now.... but just wait! 🙂
Have a great day!