Blog post: Day 44 of $QQQ short term down-trend; 2 out of 482 IBD/MarketSmith type stocks survived my ATH/GLB scan, see daily charts

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There are very few areas of the market showing strength. I ran my TC2000 scan on a watchlist composed of stocks on recent IBD or MarketSmith lists and came up with just 2 stocks. These are stocks having a GLB, green line break-out, to an all-time-high, ATH. They also have RS, relative strength compared with SPY, at a 20 week high. Both showed above average volume today on the break-out. FMC is in agriculture and CMC is in steel and has retaken its green line. CMC has better projected earnings for 2022 of +49% and an IBD composite rating=99. CMC reports earnings on 3/17. I am not suggesting purchasing any of these, only demonstrating a  strategy for finding promising stocks. Here are their daily charts. If I buy a stock breaking above its green line top on above average volume, I must sell it immediately if it closes back below it. Any stock that can come through this market at an ATH is worth monitoring.

 

 

 

 

 

5 thoughts on “Blog post: Day 44 of $QQQ short term down-trend; 2 out of 482 IBD/MarketSmith type stocks survived my ATH/GLB scan, see daily charts”

  1. HI Dr Wish
    I had previously enjoyed following you on Twitter at the suggestion of RIchard Moglen, but it appears you have blocked me. Have I done something to offend you?

  2. I do not read these comments often. I replied above that there has been some mistake. Thank you for bringing this to my attention. Let me know if you cannot access my tweets etc.

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