The big market rally of the past few weeks will likely slow down into the final weeks of the year. And we may see a pullback at the start of 2024. Rising interest rates may finally scare investors away from growth stocks in general.
The good news? As long as a company can report strong growth, its shares should be able to rise, even in a bear market or under a slowing economy.
Investors looking for growth should look for companies that are posting strong numbers in their most recent earnings. And for companies that can continue to grow partnerships that will lead to more revenues down the line.
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One company making those moves is Palantir Technologies (PLTR). The data analytics firm just inked a deal with England’s National Health Service (NHS).
Shares sold off slightly following the news, but not before first hitting a new 52-week high.
Revenues are up 17 percent compared to last year, but with an increasing number of deals on the books, growth looks set to take off further.
Action to take: Investors may want to consider building a stake on any down day for shares. The daily volatility can lead to big swings.
For traders, the long-term trend is up. The March 2024 $25 calls, last going for about $1.15, could see high double-digit returns in the coming months.
Disclosure: The author of this article has no position in the company mentioned here, but may trade after the next 72 hours. The author receives no compensation from any of the companies mentioned in this article.