Well I’d say Doximity ($DOCS) worked pretty well. (August 12, 2021)
DOCS U DJUSST STLD SCHN X ZEUS TECK AA
I want to look at Doximity ( NYSE: DOCS ), but first I want to tell you this, Scott McGregor, my trusty sidekick at Stock Market Mentor covered Unity Software ( NYSE: U ) a couple of days ago in the Free Chart of the Day, or as I am calling it now, Fitz and Five, Scott is not a Fitz but he can be in my five, he’s got my six.
Anyway, he was talking about this being ripe for a breakout and it sure did. So I want to give kudos to him. You look at the volume here, this is some pretty strong volume on this stock. It is still, technically, an IPO, it’s almost been around for a year but it takes a while for these companies to get their legs. I like the way this is trading, I don’t want to step on Scott’s trade or steal his thunder, so to speak, but I am looking at this, it sure looks like it’s got a 150.00 handle on it to me.
Now, Doximity ( NYSE: DOCS ), this is the one that I talked about a couple of days ago, mentioning that the way you want to be trading this is, watching for the stock to break through this line, which was this high here. That is what it did yesterday and I kind of explained that and said that once it breaks through with this IPO strategy, the way these IPO’s trade, they can start really running.
If you look at where the stock was yesterday everybody is a winner at the close. Every single shareholder is making money here and so there is no upside pressure. There is no upside selling that is going to weigh down the stock. So this is the type of thing that you want to be in on and then stay in. And so it seems to me like this could even run higher.
But personally, I think it’s time to at least take some off the table. You don’t have to take it all off by any means, you never should. But it’s time to at least be protecting your profits with a stop or a series of stops somewhere along the line, so that is what I would be doing if I were you.
Now, one thing I will just say, at Stock Market Mentor I have been really focusing on the steel stocks ( NDEXDJX: DJUSST ) for this last week because they are really starting to move and there are several of them that are working pretty well. I am not going to cover any but I just wanted to mention that. You’ve got stuff like Steel Dynamics ( NASDAQ: STLD ), Schnitzer ( NASDAQ: SCHN ). You’ve got US Steel ( NYSE: X ), you’ve got ZEUS ( NASDAQ: ZEUS ), which is more than a Greek god, it’s a little bit sluggish right now.
There are a lot of different ways that you can trade. I don’t think this ( NYSE: TECK ) is doing that well, it’s still meandering around. There are a lot of ways that you can trade the infrastructure trade. I like steel and aluminum ( NYSE: AA ) and I have never even been on Forged in Fire. So I would go for these stocks and just kind of tuck them away in your account and I think you are going to be happy sometime over the next few months, I think they are really working.
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