Hope you well. This bear market is testing the patience!
When you have a chance, please look at the volume and price surge in LNT (Alliant Energy) yesterday. Volume was up 500% from the average but the stock was flat on the day. Is this a good sign or a bad sign? What does it mean that such a volume spike cannot move the stock?
The "bear market" corrects via time and price. If the velocity of the decline does not scare us out. Then the time waiting for the correction to conclude will wear us out. I believe we are closer to the end of the "bear market" than the beginning though, and we must remain patient.
LNT is a stock I have owned in a retirement account for many years. This stock pays nearly a 3% yield every quarter. It is in a strong industry group and some of its peers are doing well. Recently, I have debated putting it on our watch list because it is forming the right side of its base, and is now trading above its 50sma. The volume surge is definitely institutions buying and could be some of the index rebalancing. But, we do not need to know the "why" a stock is rising. The chart tells the story. The weekly chart shows us that this is not a high-flying stock. This is a utility stock and they tend to trade a little slower. This stock has 250 million shares outstanding and takes quite a bit of demand to move the stock. We can see on this weekly chart there is demand starting to com in. We do not need to know the reason why this stock is being bought. I cannot find any news on this stock. This is definitely a good sign for LNT!If you or anyone else is buying this stock today a stop-loss needs to be placed at $61.27 which is the low from Thursday, May 26. We do NOT want to own stocks making new lows.
Thank you for pointing this out!