Welcome to the unofficial end of summer! I hope you’re having a great labour day long weekend and making the most your time with family or friends. As for me, I’m up at the cottage with limited connection so I’m going to keep this short.
And as for the stock market…
It sure does feel like the summer has flown by! June and July were marked by prices slowly climbing higher, while August has been just the opposite. Historically, September tends to be a weaker month too so even though bulls did manage to chart back this week, we still remain stuck in a big trading range on SPY.
Now, let me show you a few individual charts that look promising. Of course, if the market at large rolls over again I doubt these ideas will follow through. But on the other hand it pays to be prepared should we see some upside.
Free Trend Following Trade Ideas For September 2019 (Part 1):
Alright, with prices perking up a little bit into the end of August, there are a couple of charts that might bear watching in the week ahead.
ADP is consolidating near all-time highs and looks like it’s almost ready for another leg higher. If the rest of the market perks up, I think this payroll leader could keep running alongsideit.
INTU has a similar look and feel to ADP but it’s made a little bit more progress with a new weekly closing high. This is another large-cap tech company that appears to be gaining steam.
Finally, CSL has also perked up to a new weekly closing high. Although this one is a bit more volatile, it could keep moving after putting in a big bottom earlier this year.
Okay, that’s it for this week’s edition of weekly stock ideas. I’ll be back at you next week with a regular full-length edition.