Our bull thesis on our furniture stocks is playing out exactly as we predicted.͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
| |  | | April 26, 2024 | | Alert Action to Take: Sell 1⁄3 position in GOOGL. Dear Leah, As we expected, the stock market is in full-force "rebound mode" right now thanks to strong earnings and an inflation report this morning that wasn't as hot as feared. With today's rally, multiple technical signals are being triggered across the S&P 500, Nasdaq, and Russell 2000 which collectively suggest that this is the start of a major reversal in stocks to all-time highs. We're very bullish right now. That's why we went on a stock shopping spree this morning. But... even though we are very bullish... that doesn't mean we aren't looking to lock in profits when they present themselves. Even in bull markets, you have to pay yourself every once in a while with realized profits. That's the case we have with Alphabet (GOOGL) stock right now. Shares are up 10% today and have exploded to all-time highs after the search giant reported quarterly numbers which were simply fantastic. The whole business is on fire right now. They are crushing it on the AI opportunity. And the stock is rightly soaring. But GOOGL stock now trades at 23X forward earnings, which is a full standard deviation above its five-year-average forward earnings multiple. The stock also has a Relative Strength Index (RSI) of 74, essentially matching its most overbought level in the past five years. This looks like it will prove to be a short-term top for GOOGL stock. We are therefore going to lock in some profits at this short-term top. Let's sell 1/3 of our position in GOOGL stock for ~70% gains. We are still holding our final 1/3 position in GOOGL stock. We intend to hold this position for years. We think Alphabet has a lot of opportunities to grow its business with AI in the coming years, and as they do, the stock should continue to push higher. We remain long-term bullish. But we also want to pay ourselves for this successful trade! Congrats on the trade! We'll be in touch later today with the "Daily Notes." Read the Full Alert |  | | Luke Lango
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