I want to talk about a trade we just exited with my Burn Notice Alertmembers...
The overnight trade we just pulled off in Chevron Corp. (NYSE: CVX) was a textbook Burn Notice play where we fade the market! CVX is one of the most overbought stocks in the entire S&P 500 — by a long shot — and the conditions for an overnight reversal were strong on Tuesday.
The stock was up a market-leading eight days in a row — the day Burn Notice alert went out — with a FOMO capitulation to own the stock. While the rest of the market was selling off hard, the panic sent large volume into Chevron, sending the stock 7% higher by the time I looked at my scanner.
Oil is of course central to the news right now, and headlines are moving crude double-digits either way in an instant. But we’re looking for stretched moves to fade, and I was already seeing signs of oil stock fatigue as the sector was mixed with losers as well.
However, the FOMO move and resulting massive volume was one of the biggest indicators this was the perfect stock to fade — if those traders have the smallest thing go against them, they’ll panic and sell the next morning.
And once Wednesday morning came along and I saw what the markets were doing, I knew I was right and we had to act fast.
Oil was down as the risk-on trade was back... CVX looked like it was also tumbling down, which triggered Steve Miller singing “Take the Money and Run” in my head. Things change super fast on Wall Street at any moment, so we booked that money and traded out of the stock as fast as possible after the opening bell...
And guys, the return of this bad boy was shocking…
I have a proprietary market scanner that allows me to isolate NINE trades most likely to go up, every single month.
Each trade benefits from a massive wave of capital that floods the market like clockwork, giving “in the know” investors the ability to trade with confidence.
This century-old market phenomenon is well-known by Wall Street, and usually stays between former insiders.
But I’m pulling back the curtain, giving investors the inside edge they need!
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