There’s always a bull market somewhere. The Stock Market is just a big flow chart for $$$. I scan all the different sectors out there daily. Last week I warned that the overall market was due for a selloff given the mania in MEME stocks and how overbought tech stocks were, you can read more about that HERE.
Having said that, my Best trade Idea for this week was to be Bullish energy! Why? Well, The chart told me!
Whilst tech and MEME stocks were making a blowoff top, ERX, the Bullish Energy Leveraged ETF was grinding higher. It was making Higher lows and consolidating at the highs. Unlike Tech, which was peaking out, Energy was coming out of a base after a long pullback. I’m always watching and trying to figure out where the Big Money will flow next!
Here’s How The Bullseye Pick Looked in Subscribers Raging Bull Dashboard:
Here’s What Happened to the Trade Idea:
Don’t miss my next favorite setup coming Monday morning! I’ve got another great trade Idea lined up. Don’t get left behind Click Here NOW!
Here’s What Subscribers to Bullseye Trades are saying:
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Every Monday morning, I send out my best trade idea for the week before the market opens to Bullseye subscribers. After analyzing the market the week before and running through charts over the weekend, this is my favorite and most primo setup for the week.
I believe that if you can manage one single trade a week and do it well, you can filter out all of the noise happening with the market overall.
There’s a lot of thought that goes into the Bullseye trade of the week. I’m looking to find good trade ideas that are outliers in the market.
Here was my reasoning for the Bullseye Pick, which was sent to subscribers on Monday morning on August 22, 2022
This week, I think the markets will continue to slide a little more though I don’t expect a huge week of losses. The one sector that has been regaining momentum is the oil sector.
When I want to trade oil stocks, I usually have a few go-to trades: XLE (which is the ETF for the sector), OXY (which Warren Buffet has been busy buying up shares), FANG (my favorite stock in the sector), or ERX (which is a 2x leverage upside on the oil ETF).
This week, I am going with ERX as my top idea. I think oil stocks are going to continue to outperform the market in the next couple of weeks and this trade should benefit from that if I am right.
ERX – Energy Bull 2x ETF
If I am wrong, I will keep a stop loss on the trade if ERX looks like it will close under $52, which has been the recent low in the range.
On the upside, I am looking for a move to the $60-62 range for a profit target if this works out.
Good luck this week!
My Trade Details:
- ERX Sept 9 2022 CALLS $58 near $3.00
- Stop : Close under $52
- Target 1 : $60
- Target 2 : $62
Here’s what happened:
It’s only Thursday, and my best trade Idea for the week has already hit all its targets. I was out half my position on Tuesday, and took off the rest on Thursday for over 100% gain.
It’s been one of the strongest trading instruments in the entire market this week as the price of crude continues higher. There was a reason this was my Bullseye pick of the week, and it worked perfectly.
Don’t miss my next favorite setup coming Monday morning! I’ve got another great trade Idea lined up. Don’t get left behind Click Here NOW!
Here’s What Subscribers to Bullseye Trades are saying:
For a Limited time, get access to my live trading sessions at 0 cost in the 360 Wall St chat room!
Also we’ll be sending you our latest newsletter- 360 wall st. Think of it as your “360 view” of the market each day, where you can benefit from multiple perspectives. Sign up HERE
Every trading day, you can expect to receive 2-3 of our traders’ top ideas.
It could be an option trade I really like, a crypto idea from Jake McCarthy, a momentum stock idea from Jason Bond, a fast-moving penny stock that Jeff Williams likes, a trade Davis Martin finds enticing, or maybe even something unusual that one of Ben Sturgill’s scanners has picked up. Sign up HERE, and get access to 360 Wall St at 0 cost, for a limited time.
