DOCS U DJUSST STLD SCHN X ZEUS TECK AA 

I want to look at Doximity ( NYSE: DOCS ), but first I want to tell you this, Scott McGregor, my trusty sidekick at Stock Market Mentor covered Unity Software ( NYSE: U ) a couple of days ago in the Free Chart of the Day, or as I am calling it now, Fitz and Five, Scott is not a Fitz but he can be in my five, he’s got my six.

Anyway, he was talking about this being ripe for a breakout and it sure did. So I want to give kudos to him. You look at the volume here, this is some pretty strong volume on this stock. It is still, technically, an IPO, it’s almost been around for a year but it takes a while for these companies to get their legs. I like the way this is trading, I don’t want to step on Scott’s trade or steal his thunder, so to speak, but I am looking at this, it sure looks like it’s got a 150.00 handle on it to me.

Now, Doximity ( NYSE: DOCS ), this is the one that I talked about a couple of days ago, mentioning that the way you want to be trading this is, watching for the stock to break through this line, which was this high here. That is what it did yesterday and I kind of explained that and said that once it breaks through with this IPO strategy, the way these IPO’s trade, they can start really running.

If you look at where the stock was yesterday everybody is a winner at the close. Every single shareholder is making money here and so there is no upside pressure. There is no upside selling that is going to weigh down the stock. So this is the type of thing that you want to be in on and then stay in. And so it seems to me like this could even run higher.

But personally, I think it’s time to at least take some off the table. You don’t have to take it all off by any means, you never should. But it’s time to at least be protecting your profits with a stop or a series of stops somewhere along the line, so that is what I would be doing if I were you.

Now, one thing I will just say, at Stock Market Mentor I have been really focusing on the steel stocks ( NDEXDJX: DJUSST ) for this last week because they are really starting to move and there are several of them that are working pretty well. I am not going to cover any but I just wanted to mention that. You’ve got stuff like Steel Dynamics ( NASDAQ: STLD ), Schnitzer ( NASDAQ: SCHN ). You’ve got US Steel ( NYSE: X ), you’ve got ZEUS ( NASDAQ: ZEUS ), which is more than a Greek god, it’s a little bit sluggish right now.

There are a lot of different ways that you can trade. I don’t think this ( NYSE: TECK ) is doing that well, it’s still meandering around. There are a lot of ways that you can trade the infrastructure trade. I like steel and aluminum ( NYSE: AA ) and I have never even been on Forged in Fire. So I would go for these stocks and just kind of tuck them away in your account and I think you are going to be happy sometime over the next few months, I think they are really working.

DOCS HOOD 

I want to look at Doximity ( NYSE: DOCS ) today. Just yesterday I was covering this stock and I had mentioned that if the stock broke out right around there. This is an IPO, so if it ran up to a new high, this was the initial high, I call this the enthusiasm high. That’s like Robinhood’s ( NASDAQ: HOOD ) enthusiasm high basically happened at the open and then a week or two later people got really enthusiastic.

But when the stock runs up here and then it peaks, then it trades back down this is a huge wall of selling right there. You have just got to pay attention to that. If you are trading it lower than this level you can do that but it’s a separate trade. You are not really trading an IPO, you are trading a chart.

You will notice the stock comes up here to this general level, it ultimately kind of gets there, but basically this level, we’ll say here, this is really kind of holding. And so then when the stock pulls back you have to look at this, there it is, it climbs back up, oops, it’s not quite there, it pulls back. You have to look at this and you see the higher low than it was here. You say, alright, this was a stock that is kind of slowly building. It is slowly regrouping on the sell-off so I still don’t want to buy.

But if the stock runs up above this level then that tells me that we are probably going to move even higher. So I had set an alert for our members, I don’t know if a lot of you guys got it in the forum but I did notice several of you were saying DOCS. This turned out to be a good trade today. Now, I wasn’t looking at it so I sure wouldn’t have bought it at 60.00 or 61.00, I hope you did. But once it got up to my trigger here, with my style of trading that’s when you would have jumped on this.

It’s very similar to Robinhood ( NASDAQ: HOOD ), where we got in the stock very, very early on this trade because I was seeing what was happening back here. Once the stock runs up above 42.00, I think we were in at $42.00. Once it breaks up above 40.00 then you have to look again for another move higher. By the way, these are just lines that I had drawn when I was showing our members how to really be setting staggered stops. As you are trading a stock you keep rotating your stops up so you can protect against the downside while still maintaining plenty of upside exposure, so that is what those are.

That’s Robinhood ( NASDAQ: HOOD ) but what I am talking about here is Doximity ( NYSE: DOCS ). I think this stock could even go higher from here. I would just suggest that you use stops, this is such a volatile thing, 35 percent today, so it’s a big volatile thing. If the stock starts turning around don’t hang onto it because it could be an Icarus stock. But as long as the stock is still going up just keep a trailing stop on that.