Blog Post: Day 22 of $QQQ short term up-trend; 107 US new highs and 77 lows; Biotech, $BMEA, showing promising technical strength, see daily and monthly charts

@ 9:10 pm
GMI6/6
GMI-26/9
T210848%

My TC2000 scan for stocks at a recent ATH that have already doubled and are now bouncing from oversold picked up 3 candidates. One of them, BMEA, had a huge gap up based on promising clinical trial results. Note its recent GLB (green line break-out). This company bears watching, but remember, all biotechs are vulnerable to risk from bad study results. BMEA is also presenting results at a big conference this week. Below are its daily and monthly charts.

With 107 new highs Tuesday, the GMI is back to 6 (of 6). The general market indexes did not reflect this internal strength.

 

Blog Post: Day 20 of $QQQ short term up-trend; 18 stocks on my IBD/MS growth stock list reached an ATH on Friday, see list

@ 10:16 pm
GMI5/6
GMI-24/9
T210842%

These stocks are sorted according to current price divided by lowest price the past 250 days. Seven are 2x or more their lowest price the past year. Doublers are worth studying to see if they meet one’s set-up for a low risk purchase. Be sure to note the next earnings report date for each, in column 3. The greatest winning stocks break out to an ATH and then go on to a series of ATHs over many months. Why buy the fallen angels when there are some new ones rocketing to historic heights?

The GMI remains Green. So many people are chasing income instead of growth stocks these days. The crowd is usually wrong and will get back into stocks long after the market has advanced. I noticed for many years that the media proclaimed a bull market about 6 months after the bear market bottom was in.