September has always been the worst month for the stock market. In early September, stocks gyrated as investors were concerned about a cooling U.S. economy. However, things have begun to improve following the Federal Reserve's half-point interest rate cut that restored faith in economic strength.
According to the Dow Jones Market Data, the S&P 500, the Dow and the Nasdaq have gained more than 1% this month and are about to crush their dismal September run for the first time in five years. And since stocks are well-poised to diverge from a discouraging historical trend, it's prudent for astute investors to place their bets on breakout stocks that can take advantage of the stock market's largely broader upward movement.
To pick breakout stocks, investors should zero in on stocks whose prices vary within a narrow band. If the stock price falls below this channel, it could be the best time to sell it off. However, the best time to buy a stock per this strategy is when it is about to break above this trading band. Such stocks offer the prospect of impressive gains.
To that end, Bioventus Inc. (NASDAQ: BVS), Great Lakes Dredge & Dock Corporation (NASDAQ: GLDD) and AxoGen, Inc. (NASDAQ: AXGN) have been selected as the breakout stocks for today.
Zeroing in on Breakout Stocks
To select ...
