As a trader my primary objective is to find the strongest stocks out there.

And then find a level where I believe the risk vs. reward is skewed in my favor.

Sometimes, I’ll find dozens of stocks that I like, but not where they are trading at.

You need both if you want to be consistently profitable in the market.

Now, there’s one stock I really like right now, but it’s not exactly trading at a price level I want to be involved with yet.

Nonetheless, I do believe 3M (MMM) deserves your attention, and is a worthy watchlist candidate for this week.

Now, if you were watching the market on Friday, I think you can agree that the action was sloppy.

But that wasn’t the case for 3M.

In fact, shares shot up by 23%, making its best single day performance since 1980.

The catalyst?

Earnings.

The industrial conglomerate released its Q2 earnings report, showing strong results under the leadership of new CEO William Brown.

The company raised its full-year adjusted profit outlook to a range of $7.00 to $7.30 per share, up from the previous estimate of $6.80 to $7.30.

This upward revision in earnings guidance suggested improved financial performance and potentially positive market sentiment towards the company’s future prospects.

On Friday the stock closed at fresh 52-week highs, creating a huge gap up from its previous close of $103.39.

I sat there watching it continue to uptick in the Daily Profits Live chat room.

Believe me, it’s hard not to get FOMO when you see something that strong moving.

But I wasn’t able to turn $37K into $2.7 million in four years by chasing stocks at their highs.

You’ve got to fight the urge to jump in at any price and exercise some patience.

Speaking of patience, the team at Catalyst-Cashouts Live, got in MMM 46 weeks ago, and took profits on Friday for a solid 39.3% gain.

As for me, I want to see if it can hold Friday’s move.

More specifically, I would like for it to consolidate for a few days and show me that Friday’s move wasn’t a fluke.

Heck, I don’t mind if it even pulls back a little.

But it needs to show me that the new base established is here to stay.

Action Plan: I’ll be watching MMM for a consolidation over the next few days or couple of weeks. If it can establish and hold a new base, I will look to enter a long call option position in my Daily Profits Live Portfolio.

If you’d like to learn more about what and how I trade in Daily Profits Live, check this out.