Note: This post is primarily for consistent followers of this blog. If you’re not a consistent follower (why aren’t you?) feel free to ignore this post as it’s just a follow up to a trade idea posted several months ago.
On October 4 I posted a buy idea worthy of a bit of attention. STLD was ripe and well-positioned to zoom higher and that was pretty much all the post said.
The result hasn’t been bad.
While the stock has shown a pretty swift and strong move to the upside, and thus looks like a good swing trading candidate, STLD is actually the kind of stock I would suggest for my new longer term portfolio product.
This as yet unnamed product (I’m open to suggestions) is designed to get subscribers into ideas generated by my stock scans at good levels with tight initial stops, then wide trailing stops and an eye toward holding for at least 1 year. There’s more to the product of course, but those are the broad outlines. If you’re interested in learning more, make sure you’re on my email list so that you receive the announcement that’s coming soon.
Meanwhile (back on the ranch), there are lots of ways to trade candidates like STLD. Swing trade the stock, trade short dated options, trade LEAPs, hold the stock in your frequently pruned portfolio, pair it against a short in a poorly performing stock in the same industry… The options (no pun intended) are virtually endless…
But they all start with good candidates… like STLD.