Wishing Wealth Blog

I scanned over 6,000 stocks and these 10 stocks came up. 6 of the 10 were biotechs! These are stocks that reached a recent ATH and just bounced from oversold, a favorite setup of mine.  Why were 60% biotechs? If I purchased after a a bounce, I set my stop below the low of the bounce. Separately, of all 59 stocks that reached an ATH today, the largest group, 6, were biotechs (ARGX, MAZE, APGE, RVMD, BBIO, TRVI). BBIO also had a GLB.  A group of stocks in the same industry reaching ATHs is a powerful sign of strength. I prefer to reduce risk by buying a biotech ETF (LABY, XBI, BIB, BBP).

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This morning AMAT crossed above its green line and TC2000 sent me an immediate alert. I bought a little and sent out a tweet containing a chart of AMAT.  If you want to receive my intraday tweets, follow me on X, @WishingWealth. The green line was drawn at $255.89 and AMAT closed at $265.33 on above average volume. Remember, if a GLB (green line breakout)  CLOSES back below its green line anytime it is a failed GLB and I immediately exit. I often repurchase it if it closes back above its green line. On TC2000, draw the green line on a monthly chart at the highest bar that has not been exceeded for at least 3 moths (bars). Then right click on it to set an alert if the stock crosses above it. I am slowly accumulating $TQQQ as the new QQQ short term up-trend matures. A discussion of the GLB appears at my recent TraderLion presentation here.