I've found another stock for you to look at today, just like Celgene. You need to watch today's video to find out which stock I'm talking about.
But first, it has been quite a week to say the least. A nuclear deal signing with Iran, the Greek situation finally resolved with the German Parliament today voting in agreement to bail out Greece. Just wait, in a few years time I'm sure Greece will come up again as a problem.
The markets are reacting very positively on the upside to all this good news.
The next big worry traders will begin focusing on is a potential rate hike later this year. Whether that comes in September or later is yet to be decided. Who knows, it may not even happen this year.
There are a number of stocks that are doing extremely well and this seems like an ideal time to look at the 52-Week New Highs on Friday Rules. If you're not familiar with these rules, here is what I look for.
#1: When a stock hits a new 52-week high on a Friday and closes at or close to its high for the day, go home long that stock for the weekend.
Rule #2: Exit this long position on the opening the following Tuesday.
Rule #3: If the stock opens sharply lower on Monday, exit this position immediately.
The 52-Week New Highs on Friday Rules work extremely well in futures and in Forex.
To find stocks that are making 52-week highs, go to the navigation bar and click on the Smart Scan tab. Then choose 52wk High, then filter stocks trading over 2 million shares a day. You can also filter by price and by exchange. Take a look at what comes up and pick shares that meet this criteria and look good technically with the RSI and the MACD indicators. All Trade Triangles should be green.
Every success using these trading rules that I first learned about over 30 years ago.
Thank you for all your comments this past week and feel free to comment below this post on any market related subject.
Have a great weekend everyone.
Every success with MarketClub,