It was a good week for stock market bulls as we soared higher out of the gates on Monday and continued to add to those gains throughout the week and through the US election. The rally provided a much-needed lift to U.S. equities and created some excellent trading setups for select stocks.
The SPDR S&P 500 ETF (SPY) finished +3.77%, Russell 2000 ETF (NYSEARCA:IWM) +10.04% and NASDAQ 100 ETF (NASDAQ:QQQ) +1.89%.
Thanks to this recent strength, there are quite a number of individual stocks that have emerged higher out of actionable consolidation patterns (i.e. breakout stocks).
Below are some of my favorite stock trading setups. These “breakout stocks” are shown on a weekly time-frame below.
Century Aluminum (NASDAQ:CENX) is a stock that members and I purchased this week and are currently long. I do not have a position in any of the other breakout stocks: Freeport McMoRan (NYSE:FCX), Intuit (NASDAQ:INTU), Proofpoint (NASDAQ:PFPT), and ILG, Inc. (NASDAQ:ILG).
Oh, and I’m hosting a free webinar next Thursday. Swing trading for the active trader. You can Register here.
Century Aluminum Co. (CENX) Weekly Stock Chart
Intuit, Inc. (INTU) Weekly Stock Chart
Freeport-McMoRan, Inc. (FCX) Weekly Stock Chart
Proofpoint, Inc. (PFPT) Weekly Stock Chart
ILG, Inc. (ILG) Weekly Stock Chart
I hope these setups give you some ideas for next week. You can check out more of my work at The Trade Risk. Thanks for reading.
The author has a position in CENX at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.