Welcome to Friday 13, which brings an end to a scary week for stock market bears. This unloved rally has punished short positions while rewarding bullish trades, writes Ian Murphy of MurphyTrading.com.
The notes on Monday and Wednesday looked at the open triggers on the Help and 52-Week strategies, plus the Carnival trade—all of which are doing well. The Help trigger is up 6.8% and came within a hair’s breadth of T2 yesterday. The 52-Week appears to have formed a first higher low pattern, and Carnival Corp. (CCL) is up 11.7% since the entry.
The Daily Swing trade in Global Payments Inc. (GPN) hit all three targets long ago, but a few clients held the final ⅓ on a trailing stop and have been well rewarded. Coincidentally, the stock is up 13% at the open today since the entry on December 21 (arrow, right chart). The trailing stop was at $100.43 at yesterday’s close. On a weekly chart, GPN is testing the moving average where the stock met resistance numerous times in 2022.
Learn more about Ian Murphy at MurphyTrading.com.