If you’ve been keeping up with my videos lately, then you should already know that I have a unique Cumulative Strength Index (CSI) scan that I run.
I use it as a barometer for the broader stock market, and to gauge major indexes like the S&P 500 and Nasdaq 100 so I can find new stocks to target. But the bottom line is when a stock gets on the upper edge of my scanner, it tends to stay there for a while.
I mean, Freeport-McMoRan Inc. (NYSE: FCX) has been at the top for nearly three months, and it’s still there!
We also have positive unemployment data on top of that. The U.S. Department of Labor said Thursday that first-time jobless claims fell to 547,000 for the week ending on April 17… beating consensus two weeks in a row.
The economy is picking up, and there are no ifs, ands or buts about it!
So my CSI scan is more important than ever, and most likely the reason why I have three new stocks to target. And like I said before, you need to add these names to your watchlist as well because when they reach the top of my radar, they usually stick there.
I’ve found that stocks that have been moving with strength for more than three months tend to continue.
But a lot of people still ask me why I don’t just focus on the one-month chart. Well, I find that looking at multiple charts — like the six-, three- and one-month — gives me a better indication of where things stand.
So I want you guys to understand that this scan is basic. It doesn’t tell us when to get out or in. It tells us which stocks are in play, which helps me find new stocks to target. And when I see a stock make its way to the top 30 to 40, they typically stick around and move higher.
But that’s just a little about my CSI scanner. So check out today’s video and let me show you a few new stocks to target. This is one video you don’t want to miss because if you have stimulus money you’d like to invest, it could make a nice downpayment on what the last ticker is selling.
Yes, I just said that.
And as always, don’t forget to subscribe to our YouTube channel if you haven’t already so you can be notified as soon as we post our next video!
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