Last week I mentioned that price is the only thing that matters.
This week, I want to show you exactly what I mean by that.
When I’m trying to decide whether or not to buy (or trade) a stock, the price chart is the only thing I care about.
Since price is everything, I don’t have to wait for the fundamentals to change. All I need is to be able to look at the price chart to tell you whether or not I want to own the stock.
All I do is follow price.
But price changes daily.
With new data coming in constantly that updates the price charts, it means my takes on stocks can change just a quickly.
That’s what this week’s Quick Takes video is all about.
We’ll look at five stocks. I’ve covered each in the past in my Bank It or Tank It YouTube series.
But like I said, prices change daily.
Just because it was rated a “Bank It” last year doesn’t guarantee it would even come close this time around. It could have even been on my “Tank It” list just last week, only seven days ago like Peloton (Nasdaq: PTON) was, and it could be on my “Bank It” list this week.
This is what makes following price action so important.
I don’t have to sit around and wait for something fundamental to change.
Instead, we can adapt to price movements in real time to make sure we are on the right side of the trade.
In my Quick Takes video today, we’ll break down what to watch for in Peloton, tech-giant Intel Corporation (Nasdaq: INTC), payment company Square (NYSE: SQ), semiconductor firm Teradyne (Nasdaq: TER), and Advanced Micro Devices (Nasdaq: AMD).
A big thanks to Daniel, Jason and Kathy for letting me know what stocks to feature today.
I’ll pull up the price chart on each stock so you can peak over the shoulder of a Chartered Market Technician as I break down which stocks are on my “Bank It” list or “Tank It” list.
Or if you’d rather read a transcript, click here.
Chad Shoop CMT
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