By Nathan Bear, Trade of the Day, 2024-08-05
The Nasdaq futures sank by 4% over the last 3 days after the latest market sell-off.
When the markets show volatility like this, technical analysis almost goes out the window. The markets are just raw emotion.
That's why it's crucial to be patient and not overreact.
As I've told members in Daily Profits Live “It can always get worse.”
But when you exercise patience – the rewards can be staggering.
Case in point. Last week I closed 15-of-18 trades for winners for an 83% win rate. Some of those wins included a 75.34% winner on COIN in 1 trading day.
This shows you that when you stick to a proven process, there's potential to come out rosy no matter what the markets are doing.
Other winners were trades on stocks I mentioned in this watchlist newsletter last week, including a 38.94% winner on Chipolte (CMG) in 1 trading day and a 17.97% winner on Blackstone (BX) in 1 trading day.
And even though last week was rough, I'm grateful to have a group of like-minded traders in the Daily Profits Live community.
The truth is… having a place that's free from the mainstream doom and gloom becomes even more valuable during a big market sell-off.
Could you imagine trying to trade a sell-off completely by yourself? As somebody who's been there, I can say it's not a fun position to be in.
Now as we start this week, I have a chart for you that I believe is a potential rebound play.
That ticker is tech giant Apple (AAPL).
Apple reported good earnings on Friday, and if it breaks its current high, I could see it going to $230.
As you'll see below, there's a bull flag pattern with a low compression squeeze starting to form.
This stock also held strong during last Friday's sell-off, and if we get a market rally this week, then AAPL is definitely a stock I want to go after.
Action Plan:
Apple is the top stock on my watchlist right now. I think there's a lot of room left for its chart to run and I recently got positioned on the 8/9 $230 calls. I'll be looking to add more this week.
The post “This stock is a potential rebound from last week's sell-off.” appeared first on Trade of the Day.
