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.
Energy, commodities, and gold are on fire. Take a look at XLE, NUGT, ERX, USCI.
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?
Please do not post comments here.
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.
Thank you. I agree.