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Bill Gunderson's Radio Play of the Day: Meritage Homes

The valuation still looks reasonable to me.

Now that the stock passes the performance and the valuation test, am I ready to buy?

The stock must pass one more test. A visual check of a one-year chart:

I never buy stocks in downtrends. Sideways trends make me yawn. Topping out and rolling over trends are definitely taboo. This is a trend that should be sold.

Stocks that are in healthy uptrends and not too extended are my favorites. I especially like fresh, new breakouts.

That's it! Meritage passes my three rigorous tests.

If you would like to hear my analysis of this stock from my daily radio show click here.

Data from Best Stocks Now App

The stock earns an overall grade of "A-." I only buy "A-" or better. This currently represents the top 7% of the entire market. Of the more than 3,000 stocks that I follow, Meritage comes in at 121.

Clients of Gunderson Capital Management with an aggressive to moderate risk profile are long the stock.

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

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