EarningsBeats.com Digest for July 28, 2021
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Don't Be Afraid To Buy A Stock At Support
Investing and/or trading is a very emotional "hobby". No one wants to lose money. As a stock moves lower and lower in price, the natural response is you think something's wrong with the stock. But honestly, you need to recognize that many high quality stocks trade in a range as market makers accumulate shares on their own behalf and also for their institutional clients. So, for me, if a stock looks strong because it just reported
excellent earnings results, I don't hesitate to buy if I can get in cheaper. Over the past 3-4 months, every dip below $19 has been a buying opportunity into SLM Holding (SLM):
It looked as if SLM was breaking down big time on Tuesday. Intraday, SLM touched 18.15, the lowest level the stock had traded at during the past four months. It easily broke beneath prior lows in April, May, and July. Yet, by Tuesday's close, SLM had rallied back to close at 18.78. Given the very weak PPO, I'd definitely consider a quick exit on any further short-term weakness. But I think there's an excellent chance that SLM hit a
critical low on Tuesday and marked a key support level. Any intraday move below 18.15 would bother me. However, I wouldn't be surprised at all to see a move back up to test 21 resistance from the early-July high.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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