Trending Stocks of the Week — Apr 22, 2024

April 22, 2024

Just a quick note: Jeffry Turnmire has been testing a new type of “3 day gold trade” that triggers almost every week. Check it out right here.

Now back to our top stocks for the week:

To help you discover the power of trends, every week, every week, I share with you a handful of the top trending stocks.

These stocks are picked by the custom-built TrendPoint software I designed to pick the strongest trending stocks in the market right now.

If you know anything about me, you know that every trade I get into starts with a trending stock.

Unless a stock is in a strong trend, I don’t want to hear about it. In my book, wishy washy stocks are the quickest way to losing money.

This Week’s Stocks

Right now, we’re in a weird kind of market. The broad market has lost its steam, but it’s not firmly bearish either. It’s kind of between bullish and bearish.

So remember, while our rule of thumb is: always trade in the same direction as the broad market…

Sometimes we need to break the rules and adapt to the conditions we find ourselves in.

So this weeks trending stocks are split: 2 long and 1 short.

PGR – long
SCHW – long
TSLA – short

And don’t forget about last week’s picks, which you can find here.

This week’s stocks show a strong trend and could still be in play for the next few weeks.

What can you do with these stocks?

Well, there are a couple of things you could consider — after doing your own research, of course:

You could just buy the stock. This is probably the simplest thing you could do. Then just wait for it to go up and sell when you hit a profit target you’re comfortable with. This is only for stocks we’re long on. For stocks we’re short on, you can short them.
You could buy an option. You know I’m not a fan of speculative plays, but every once in a while it doesn’t hurt to throw a little cash at a speculative option. Of course, while options can move bigtime if the stock goes up… the downside of options is that you have a time limit on how quickly you need the stock to make that move. So think about your risk tolerance and consider buying calls or puts depending on the stock recommendations above.
You could do an income play. If you’ve been following me for any length of time, you know that I’m a big fan of income plays, because they increase your odds of winning. We do this by SELLING options instead of buying them. If you haven’t tried your hand at income trading yet, I urge you to try this exercise for yourself.

Without risking any money, it will really let you see the power of income trading and why it’s my favorite method.

Whether you end up doing naked puts, covered calls or some kind of spread, this is really my preferred method to use when I’ve found a great trending stock like the ones on this week’s list.