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Trade of the Day: Waste Connections, Inc (WCN)

Despite last week's decline, my indicators are giving solid bullish readings again.

By Ken Trester, Editor, Maximum Options

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While the S&P 500 has declined in four of the last five sessions, the market’s internals look much stronger than the major indices are showing on the surface, and that is one of the reasons why my indicators are giving pretty solid bullish readings again.

However, just looking at the S&P 500 would not provide the full picture of the market. The S&P set a higher high last week, but the index has still not reached its prior all-time high that was set back in January. On the other hand, the Russell 2000 tapped resistance at its prior high this week before heading lower once again.

The Nasdaq has been the strongest performer of the major indices, as it has actually broken out to new highs, but the Dow remains subdued and has made a lower high on its chart. So, while we are seeing a general rebound from the February lows, the major indices are not trading in sync with one another as they were previously.

This could indicate that traders are feeling comfortable taking on risk in tech and small-caps, and it’s possible that we could see the S&P and Dow catch up and head back towards their all-time highs as well.

With that in mind, I have a new bullish recommendation to take advantage of a stock that is exhibiting good relative strength.

Buy to open Waste Connections, Inc (WCN) Jun 80 Calls (WCN180615C00080000) at $0.90 or lower.

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Article printed from InvestorPlace Media, https://investorplace.com/2018/03/trade-of-the-day-waste-connections-inc-wcn/.

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