Wishing Wealth Blog

By mistake, I filtered stocks that had a rising Blue Dot setup on Tuesday evening. I usually filter stocks that reached an ATH, of which oil &gas stocks had the most today (10). I found the most stocks with a rising Blue Dot were semiconductors. Does this mean that semis are bottoming? We will need to see. I will be speaking about the rising Blue Dot setup at the MoneyShow virtual event on October 20, register free here.  It is a 30 minute online speech and if you register you can gain access to the recording. I hope to see you there. I will make an exciting announcement.

Here are the 11 stocks. Note how many have doubled from their yearly lows, shown in the last column. I have found that when many stocks in the same industry reach an ATH it can be strong bullish sign. I wonder if many stocks in an industry have bounced from oversold, it also means something important. Money tends to flow into  groups.

Here is an example chart of AMD. If I buy an oversold bounce, I put a sell stop just below the low of the bounce.

With oil prices going through the roof, it made sense to buy stocks that benefit from the rise. So many traders online are complaining about their horrible trades. Why did they miss these? This is not the first time these stocks have dominated the ATH list. The last column shows current price divided by the lowest price the last 250 days. SHEL is the weakest, up only 50%.