Here’s your trade on Meta Platforms ($META) again – October 6, 2023
This is Dan Fitzpatrick with FITZ IN FIVE. I want to talk about Meta ( NASDAQ: META ). We put this stock up on the Active Trade List a few days ago, on the 2nd at 3:03, on this date, right there.
I said, at that time, this is kind of an anticipatory move because the stock has been trading in this range for so long, about a month, and there have been so many times when it has flirted with a breakout that you just don’t want to get burned if you get stood up. So we are in, the stock didn’t do much. But that’s okay, I had said, “You want to take a small position.”
Well, today, this thing finally blasted off. And so I put this out and said, “This is probably a good time to be adding to that position. If you do not own it, it is a good time to be buying it. Because I think this breakout is real.” And that is what I am telling you right now.
I think the breakout is a good one. There has been so much crap in the market, and I remember the other day, I think it was Wednesday, I gave you, in the Free Chart Video, kind of a walk-through of the underpinnings of the market, as far as breadth and sentiment, and all of that goes.
I do view Tuesday as being a big turnaround day. My sense is, we are going higher into next week. Beyond that, I just know, I just know this, September is typically a “sucky” month. It is the worst month historically. We’re not in September anymore, maybe we’re not in Kansas, but you never know, we could be in hell.
My sense is that for the way things are trading, you want to be in stocks that have a high relative strength rating. It should be, 93, 95, preferably even 99. A lot of stocks that we have on the Active Trade List are 98 or 99 relative strength. Meaning, even after all this crap that has been going on, they are outperforming 98, 99 percent of all stocks.
So you want to be in the winners, don’t be in the crap where you are going, Oh, I could buy this at the low. You could buy it at the low and then you are going to sit there in the mud for how long? You don’t want to be doing that, you want to be buying stuff that is looking like it’s blue skies, I don’t see any clouds, let’s go do it. Meta ( NASDAQ: META ) is one of those stocks, so check that out.
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