The stock market continued to power higher last week.
We saw back-to-back, high-volume advances on Wednesday and Thursday, which is a good sign that investors are starting to pile back into stocks.
On Wednesday, the Federal Reserve raised the target range for the fed funds rate by another 0.75%.
The fact that stocks were able to rally on this news (rate hikes historically lead to falling stock prices) is another good sign.
So far, this is confirming my belief that the low is in and a new bull market is beginning.
The areas where I’m seeing the most strength are solar, medical/pharmaceutical, consumer services and grocery stocks.
Hopefully, you took my suggestion and bought Enphase Energy, Inc. (ENPH) from last week’s Watchlist.
The stock jumped more than 30% last week on better-than-expected sales and earnings.
Now, here are three new trade ideas for this week that could also be gearing up for big moves ahead…
Ionis Pharmaceuticals, Inc. (Long Idea)
Ionis Pharmaceuticals, Inc. (IONS) is one of many biotech stocks showing signs of a potential breakout move higher.
The stock was in a nasty downtrend from 2019 to the beginning of this year when it rallied above its 200-day moving average.
The chart has shallowed out nicely over the last few months, with pullbacks compressing from 29% down to a tight 6%.
IONS could make a run on a high-volume move above the $40 resistance level.
Kinsale Capital Group, Inc. (Long Idea)
Kinsale Capital Group, Inc. (KNSL) is a multi-line insurance company with four quarters of big sales and earnings growth.
The stock has been forming a base since the start of the year, and price is now tightening up nicely on the right side of the chart.
We are also seeing lots of good buying volume as the stock advances higher.
If KNSL can break out to new highs, it could release this pent-up energy and deliver a powerful move to the upside.
Otter Tail Corporation (Long Idea)
Otter Tail Corporation (OTTR) is a holding company with operations in the energy, infrastructure and production businesses.
The company has its hands in a lot of businesses, and based on the earnings numbers, business is booming.
The fundamentals are mouth-watering…
Earnings climbed 136% last quarter following a 173% jump the quarter before. Sales growth is equally impressive.
I’ve had my eye on this stock since last year, and it is finally showing an actionable setup.
OTTR is scheduled to report earnings today, Aug. 1, after the market closes.
Buying before the announcement carries a bit more risk, but it could also pay off if the stock shoots higher on better-than-expected numbers.
Fly Under the Radar
Institutional investors like pension funds, mutual funds, hedge funds and other large players make massive institutional buys that fly under the radar of most individual investors.
But if you know how to spot those buys in real time, you can potentially follow the big money to big gains.
This is what I focus on inside my premium Stealth Trades research service.
Look, if you haven’t been making money in these markets, it’s time to try something new…
Take a few moments to click here and watch my brand new Stealth Trades video bulletin…
Embrace the surge,
Ross Givens
Editor, Stock Surge Daily
The post Watchlist Update: The Start of a New Bull Market? appeared first on Stock Surge Daily.
