Happy Thanksgiving for all my American readers and subscribers! I hope you’ve had a wonderful holiday weekend with your friends and family.
And in the meantime, I’ve been keeping an eye on the stock market for you. Luckily, there are some great set-ups to share heading into next week.
Plus, a lot of our former picks are continuing to act very strongly. For example:
- In last week’s stock picks I shared ROL, TXN and ROST – and they all continued to push to new highs. TXN in particular looks ready to keep charging higher from a recent consolidation.
- Earlier in November, I pointed out that TRUE, FDX and WIFI were appealing picks. Since then, they’ve all risen about 15-25% in just a few weeks.
- Back in mid-October, I said LRCX and CGC.TO looked appealing. While LRCX is “only” up 7%, CGC has rocketed 100% higher!
I don’t show you these big winners to brag. But instead, I want you to see that I’m working every week to find actionable stock picks, with specific stop-losses, that you can use yourself.
And guess what? I have even more great picks for you this week. Check’em out below…
Trend Following Stock Picks – Thanksgiving 2016 Edition:
The great thing about these trade ideas, is that the overall market looks to be supportive. With SPY pushing to all time highs above prior resistance, we may be entering a favourable environment for trend followers.
See what I mean:
I’ll be curious to see if this price action can follow-through next week after this light holiday Thanksgiving trading. With the market closures on Thursday and Friday, there was very little action during the week.
For now though, I remain cautiously optimistic.
And with that in mind, here are this week’s stock picks.
First of all…
I wanted to show you Dorman Products (NASDAQ:DORM). While I’ve been building a position in this stock lately, I think it could have more room to run.
And zooming out the weekly chart, you can see that shares of DORM may be coming out of a big bottoming pattern.
Given the strength this week, I’ve trailed the stop loss to just under $66. I’ll likely look to add next week if the stock can continue to move higher, with a stop-loss at $65.70.
Another interesting stock pick that might be emerging from a larger consolidation pattern is F5 Networks Inc (NASDAQ:FFIV).
While the stock is a little bit stretched in the short term, below is the big-picture view I’m looking at. A move out of this multi-year consolidation could be powerful, and lasting.
Coming in a little closer, you can see FFIV is a bit stretched. While there may not be an immediate move, I’m happy to keep building a position for this longer-term view.
Personally, I’ve bought shares at $137 and $144 with a stop at $125. If FFIV keeps moving next week I’ll look to pick up more shares.
Another company that’s on my radar is Hasbro Inc (NASDAQ:HAS). Personally, I don’t own any shares yet, but I am looking to start buying. Here’s how I’m thinking about starting a position:
One thing I like about HAS, unlike many other stocks in the market today, is that the share price isn’t too extended. If this stock gets running, it could be a big winner.
The last potential investment I want to share today is Vail Resorts (NYSE:MTN). This is about as strong of an uptrend as you can get.
Now, how am I looking to play an investment in MTN?
Well, I don’t own any shares yet. But I’m certainly curious to put money to work next week. I’d be willing to risk up to 0.75% of my capital on this position, with a stop just under $155. Make sense?
So there you have it!
I hope you find these trend following trade ideas to be helpful. And I hope you had a wonderful Thanksgiving. If you want to get notified of more potential trade ideas like this, then I encourage you to sign up using the button below!