There’s a hidden downside to a market filled with a ton of stocks that are breaking out.
While it’s great for everyone who’s already in those surging positions, it leaves those out of the market with a big problem.
There’s nothing left to trade.
Or almost nothing.
Looking at the scanner, today there are only two stocks that are close to a breakout.
We talked about one in our last post.
Atlassian (TEAM) is the other.
Here’s the chart:
TEAM got hurt in the Bear Market of 2022 and hasn’t recovered.
Yet.
A break above $258.69 could change all that.
We’ll keep an eye on it.
Happy trading,
— Scott Welsh
