One of my top 2024 wish list stocks recently hit it’s buying point at $13.

The stock goes by the name Cleveland Cliffs (CLF).

CLF is a major supplier of automotive steel, and there are a few reasons why I’m bullish on it right now.

For one, General Motors (GM) posted strong earnings numbers yesterday. The automaker giant generated $48.8 billion in third-quarter sales, beating estimates by more than $4 billion.

As of this writing on Tuesday, GM stock was up 10.5%.

And while gas-powered vehicles were a big part of its strong earnings, GM’s CEO Mary Barra told investors its electric vehicle line will start achieving variable profit by the fourth quarter of 2024. Right now GM is on pace to hit its goal of producing and wholesaling 200,000 EV’s in North America by the end of the year.

This is good news for Cleveland Cliffs, as it means strong demand for its car building materials.

The second reason is CLF also has one of my favorite buying signals – insider buying.

Throughout the last year, Cleveland Cliffs insiders have significantly increased their shares in the company by investing $2.71 million.

One of those insiders is Chairman Lourenco Goncalves, who purchased $1 million worth of shares at $16.76 each, which is notably higher the current market price of $13.45.

Insiders only buy for one reason, they think the stock is going to go up, and big share purchases from the company’s high-level executives are exactly what I look for as a key buying indicator.

Action Plan: With strong demand for its materials and another insider buy, I currently have a long-term LEAPS trade on CLF in The War Room. It’s just one of several stocks I’m positioned on heading into the homestretch of 2024.

For more trade ideas like these, I invite you to join us in The War Room. Last week we closed 8 of 10 trades for winners, including a 50% winner on SCHW in 1 trading day.

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