Hey, Ross here:
Here’s another stock that’s openly defying the Fed and the market pullback.
Chart of the Day
Allegro MicroSystems (ALGM) has been screaming higher since the market bottomed in October.
The stock is up over 120% over that time with no signs of slowing down.
Sales and earnings growth are both accelerating – a common thread found in past super performance stocks.
The stock also advanced in February while the general market pulled back.
This is a clear sign of relative strength – and exactly what we want to see in anything we buy.
It just broke out above the $45 resistance level – in spite of Powell’s hawkish comments – which is a clear buying signal.
P.S. Want special trade prospects and potential market moves sent directly to your phone from me? Then just text the word ross to 74121.
Insight of the Day
What investors expect of the market – and what they expect of individual stocks – can be wildly different.
The odds of the Fed hiking rates by 50 points later this month have soared to over 70%. Many are also now expecting rates to eventually breach the 6% mark.
Expectations drive the market. And right now, these expectations are weighing down the broader stock market.
But when it comes to individual stocks, expectations can be wildly different. This is especially the case for lesser-known stocks, where the expectations that drive them come from a far far smaller pool of investors and traders.
You’ve seen how many of these stocks can and have defied both the market and the Fed. Just keep targeting them, timing your entries with breakouts and pullbacks, and I believe you’ll do just fine.
And if you need a little more help in identifying these market-defying stocks, check out the details in my recorded message here.
Ross Givens
Editor, Stock Surge Daily
