EarningsBeats.com Digest for October 28, 2020
|
Trading Places Live!
Join Tom Bowley for a briefing on market activity on Mondays and Wednesdays from 9-9:30 am EST before the opening bell. Click here to listen live or visit our YouTube page later today to view the recorded session.
Sign up today for a NO COST 30-Day trial and receive access to Tom's comprehensive Daily Market Report, all FIVE of our portfolios (including the Model ETF Portfolio), organized ChartLists, Scanning Strategies, and so much more!
This Software Leader's Pullback May Be Over
I'm expecting to see software stocks ($DJUSSW) show their muscle again in Q4, especially given the fact that the DJUSSW has risen in November the past eight years. It's a bullish time of the year and this leading group has a solid history in the upcoming month. So I'm interested in considering any software leaders that have pulled back recently as they begin to show signs of a reversal. One such stock is Elastic NV (ESTC), which had fallen
eight of the past nine sessions before gaining ground on Tuesday:
ESTC was returned on the Downtrend Reversal scan that I ran after today's close. ESTC was 1 of 19 stocks returned on my scan today. I'll run that same scan on Wednesday and return the results in the EB Daily Market Report, so members should look for that. Historically, we see the market turn from bearish to bullish as of the close on October 27th (today), so running scans and catching potential reversals heading into a very bullish month makes
a lot of sense to capture highly profitable trades. A close back above the 50 day SMA on ESTC would provide a bit of bullish confirmation to today's reversal.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
|
|
|
