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Once or twice a week we’ll use the MarketSmith “Blue Dot Scan”, “Stocks Showing Relative Strength in a Weak Market Scan”, and “Stocks Moving Higher on Above-Average Volume Scans, looking for candidates. We share the results with members in the weekend video and daily Blog Updates.

MarketSmith Blue Dot Scan

Criteria: first the “relative strength line (RS) has hit a 52-week high. A blue dot will appear on the chart as a result. Second, the stock is currently building a base, with the potential to break out in the short-term.

If both of these conditions occur, the stock goes on the list for 90 days. You can access the list by clicking on the “Open Stock Ideas” button in the top-right corner on any MarketSmith chart.

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MarketSmith Scan Candidates

These three MarketSmith Blue Dot Scan candidates, bottom panel, are noteworthy, though we prefer semiconductor stock LRCX. It meets all the criteria and follows Micron’s (MU) report on Monday evening of this week. Micron gapped up on Tuesday, following its latest earnings report.

Lam Research Corp. (LRCX) is printing a large, 5 month, cup and handle continuation pattern; continuation being the operative word.

A break above Tuesday’s high (325.80) would signal a breakout, with a new target of (344.32), the February pivot high. Watch HELE and DQ.

Blue Dot Scan – More from MarketSmith

It is important to note, merely appearing on a scan does not guarantee a successful candidate. The stock markets and corresponding sectors, Nasdaq and semiconductor sector, in this case, need to be bullish as well for the highest probability of success.

That said, consistency breeds success. Use the scans to find candidates, then confirm with a bullish market and sector, and consider joining us today in the trading room for our LIVESTREAM broadcast during market hours, as we navigate the current environment and trade new candidates like LRCX. Watch, listen, and trade from 9:20 AM to 4:15 PM Monday through Friday.

Happy Trading, 


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Disclosure: As an #ibdpartner, that means my use of investors business daily suite of services is complimentary. I also receive compensation from the company for my technical analysis services.

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Our content is intended to be used and must be used for informational purposes only. It is very important to do your own analysis before making any investment based on your own personal circumstances. You should take independent financial advice from a professional investment advisor in connection with, or independently research and verify, any information that you find on our Website and wish to rely upon, whether for the purpose of making an investment decision or otherwise. Trades and or positions listed and taken from the watchlist are my own and should not be considered “advice” to enter any particular position or asset.

Investment Warnings

We would like to draw your attention to the following important investment warnings. The value of shares and investments and the income derived from them can go down as well as up; Investors may not get back the amount they invested – losing one’s shirt is a real risk; past performance is not a guide to future performance.

Live Sessions

Live broadcasts are educational in their content. Proper risk management is considered on every trade or asset mentioned. 

*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities. 

As always, the use of technical and fundamental analysis is encouraged in order to fine-tune entry and exit points to average seasonal trends. 

These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.