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By Ross Givens
After the big rally in November and December, markets are still digesting the move – especially with the dawning realization that the Fed may not cut rates in March.
As I said toward the end of last year, markets had become overbought, and a pullback was due.
But just because the broader market is pulling back, doesn’t mean there aren’t opportunities.
Just look at the actionable trade idea in the Chart of the Day.
Chart of the Day
Ur-Energy – like other names I’ve highlighted from this sector – also broke out on record volume last Friday.
After a beautiful uptrend from July through September that saw shares advance 77% in as many days, the stock has been consolidating for the last three months.
Friday’s move to new highs could be the ignition URG has been needing to resume its rally.
While the stock has only risen slightly compared to last Friday, the fact that it’s risen shows that it’s defying the broader market pullback – which is a good sign.
Insight of the Day
Market leaders can “defy” a pullback because they’re ahead of the market’s schedule.
It’s not so much that market leaders “defy” a pullback per se…
It’s more that because they’re ahead of the market’s schedule (hence the term market leader) – they start rising first, before the rest of the market catches up.
This means that as this pullback comes closer to ending, we’ll see more and more market leaders breaking out.
I can’t tell you when this pullback will end (nobody can)…
But I can tell you that we’ll see more and more opportunities emerge as the pullback draws to a close.
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