“The stock market takes an escalator up, and an elevator down.” – Old Wall Street saying

Just as the holiday envelopes everything at this time of year, the stock market too shares in the festive mood, steadily climbing up for many companies. As we journey together in the trading realm, these insights from November 22nd, the day before Thanksgiving, aim to prepare you to make the best trading decisions.

The Market On 22nd November

The holiday season has traditionally been a time for the market to show a slow, steady climb. The SPY setting their opening price higher early in the week joins in this trend. However, they caution against the pitfalls of chasing after an inclining graph, eerily steady and seductive. Instead, the key lies in seeking out the right setups that seem promising.

Rather than reacting to fluctuations triggered by sporadic news announcements, take a moment to scan the market for potentially lucrative trades.

Potential Trading Setups

Traders anticipate ‘NTAP’, the NASDAQ listed technology company, to make some strides. A promising sign is NTAP’s consistent adherence to its ten-period moving average, symbolic of the company’s resilience. It keeps trying to breakdown but refuses to close below.

A move just above 78 in NTAP could make for a potentially profitable investment.

Also garnering attention is ‘CLBT, a lesser-known potential diamond in the rough. Following a robust week of trading, characterized by high volumes and the release of earnings reports, the stock’s performance has plateaued. However, the stock could begin to rally once it surpasses the previous day’s high.

Another stock to watch is ‘RITM’. The stock’s chart shows a ‘gap up’, perhaps influenced by undisclosed information. With the stock currently in a sideways motion, place a price alert. A move to 1020 could result in substantial gains.

The final stock to pay special attention to is ‘SRRK’. Despite trying to shake off sellers yesterday, the stock displayed a bottom bounce-back above its ten and twenty key moving averages. Determine a price alert near the 1230 region, and let the trading platform do the rest.

Conclusion

To sum up, on the trading landscape, just as in life, don’t merely follow the crowd. Instead, endeavour to discover what works best for your unique trajectory. So do your analytical homework, identify the right strategies for your trading goals, set your alerts and let the market do its magic.

Irrespective of whether you’re trading NTAP, CLBt, RITM, or SRRK, ensure you do so with the right strategy and tackle your trades with confidence. An efficient trading day combines the best of analytical judgement and conscientious decision-making.

And now that the trading day insights are discussed, it’s time to ingratiate in the holiday festivities. Until next week, in the world of trading, hope you have a bountiful Thanksgiving.

Remember, in trading and life, patience is a key virtue. As said by Benjamin Graham, “The investor’s chief problem – and even his worst enemy – is likely to be himself.”