Blog Post: Day 4 of $QQQ short term up-trend; Biotechs strong again, 6 of the 10 stocks that reached a recent ATH and bounced from oversold with a Blue Dot were biotechs, see list.

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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