Hey, Ross here:
After the market’s big down move yesterday, let’s start the day with yet another actionable short trade idea.
Chart of the Day
Dicks Sporting Goods (DKS) is toast.
After a hideous earnings report, the stock fell 24% in a single day on its highest trading volume in over a year.
This is clear institutional selling.
Even worse, the stock has not only been unable to rally after the drop – but it’s since fallen below the low support line (white horizontal line).
The value suckers have depleted their capital and DKS is further capitulating.
Insight of the Day
We’ll find out very soon whether this is just “seasonal weakness” or the start of something more serious.
Both the S&P 500 and the NASDAQ have just fallen past the support level formed by their August 2022 highs…
And they’re inching closer to their 200-day moving average – the next major level of support.
Should those capitulate, get ready for things to get serious.
Now, that doesn’t mean we can’t make money either way.
As I just showed you above, if you’re willing to go short, a more serious correction would present even more opportunities.
Plus, even when the entire market is falling, there are always stocks that defy the market.
And if you were on the list of those who received the above trade idea days ago – you could already have made a nice quick profit.
So, if you want to get on that list – and get the trade ideas like the above days before the rest…
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
