Is Wal-Mart ($WMT) ready to be marked up? (May 20, 2022)

WMT SP-500 

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The market ( INDEXSP: .INX ), to say it sucks is probably being gracious, it is just a really bad market right now. In my view, the only stocks that you want to be buying or owning would be energy stocks. We have several of those in our active trades going on and they are doing well. They are not knocking the lights out, shooting the lights out but they are doing pretty well. Or if you are not doing that you are looking for bottoms like these big oversold rebounds like Walmart ( NYSE: WMT ).

Now, do you see this kind of move? I don’t have to describe the chart to you, this is all I will say, today’s intraday high was 120.84, and the low was 117.87. So if you were to buy when the stock hits 120.85 and put your stop just a little bit below 117.27 you would have a risk of right around 3.2 percent or so and you would be trading an oversold rebound.

If, again, the stock runs up above today’s intraday high that would be the trade this would be your stop here. What are you doing? You are trading what you believe is the end of the selling. Each day the volume had gotten less. Today, lower again but the stock just barely closed green. So I am looking for turn around Monday and if that is the case then maybe it will be taco Tuesday and we can all go out for Mexican food.

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