Top Stocks for October 2020

The stock market has made a rapid recovery since hitting lows in March. However, momentum slowed in September with a modest pullback.

The major U.S. indexes finished last month in the red, with the Dow Jones Industrial Average and the tech-heavy Nasdaq finishing 1.5% and 5% lower respectively.

With the presidential race heating up, the potential for a COVID-19 resurgence, and extreme weakness in the energy sector, what will October 2020 look like for traders?

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Even if the market tumbles, stock opportunities are everywhere if you know where to look.

Below are the top stocks entering October 2020 with strong trends, solid momentum, and the potential to reach new highs over and over again.

Top Stocks for October 2020

Bed Bath & Beyond, Inc. (BBBY)

Together with its subsidiaries, Bed Bath & Beyond operates a chain of retails stores specializing in home goods. As of February 2020, the company had 1,500 stores in the United States and Canada.

Avg. Volume: 9,828,310
Market Cap: 2.36B

Monthly Green Trade Triangle: 6/29/20 at $10.28
Smart Scan Score: +100

Chart of Bed Bath & Beyond with Last Monthly Entry Signal in 2020

MarketClub members received a new, green monthly Trade Triangle on June 29, 2020, at $10.86.

Bed Bath & Beyond’s stock price exploded and moved into the confines of a long-term uptrend. As of October 1, 2020, BBBY is up 74% since the signal and is still showing major strength.

Advanced Micro Devices, Inc. (AMD)

Advanced Micro Devices (AMD) is a $35 billion semiconductor company that manufactures computer processors and other technical computer components. The company is the second-largest supplier of x86 microprocessors. AMD follows closely behind Intel and maintains a duopoly along with Nvidia for graphics processing units.

Avg. Volume: 61,762,531
Market Cap: 97.8B

Monthly Green Trade Triangle: 6/10/20 at $58.63
Smart Scan Score: +100

Chart of Advanced Micro Devices, Inc. (AMD) with Last Monthly Entry Signal in 2020

AMD has been on a run since a new long-term trend was established on June 10, 2020, at $58.63.

The stock’s price jumped over $90 in late August before it dropped back down to the to $75/share in mid-September.

Members following the long-term strategy remain in a long position, up 42% since the monthly Trade Triangle. The momentum looks steady for AMD, and the Smart Scan Score suggests that there is more room to run.

Pinterest, Inc. (PINS)

Pinterest, Inc. is a visual discovery engine. Users “pin” recipes, home decor, travel plans, and other items to bookmark and share. As of January 2020, Pinterest claims 320 million monthly active users.

Avg. Volume: 16,446,706
Market Cap: 25.78B

Monthly Green Trade Triangle: 6/4/20 at $22.08
Smart Scan Score: +100

Chart of Pinterest, Inc. (PINS) with Last Monthly Entry Signal in 2020

PINS’ price action has moved up and down since it IPOed in April 2019.

A new monthly, green Trade Triangle triggered on June 4, 2020, at $22.08. As of October 1, 2020, the stock is up 92%.

With a +100 Chart Analysis Score, PINS has the technical strength to continue its run.

NVIDIA Corporation (NVDA)

NVIDIA is a $118 billion niche semiconductor company. Their impressive product portfolio includes graphics processing units (GPUs), mobile and automotive computing chips, and robotics and artificial intelligence.

Avg. Volume: 13,134,926
Market Cap: 336.4B

Monthly Green Trade Triangle: 5/11/20 at $316.32
Smart Scan Score: +100

Chart of NVIDIA Corporation (NVDA) with Last Monthly Entry Signal in 2020

NVIDIA is a leading name in the semiconductor sector. The company IPOed in January of 1999 at $19.69, almost 20 years after major competitor AMD debuted on the NYSE.

As of October 1, 2020, the stock is up 72% since the last long-term Trade Triangle.

Roku, Inc. (ROKU)

Serving customers in the United States, Canada, the United Kingdom, France, Ireland, Mexico, and Latin American countries, Roku Inc. is a major player in streaming TV. The platform allows customers (over 36.9 million customers reported at the end of 2019) to find and access movies, TV shows, and live entertainment. Roku also sells media players and accessories.

Avg. Volume: 9,767,623
Market Cap: 22.52B

Monthly Green Trade Triangle: 7/9/20 at $138.79
Smart Scan Score: +100

Chart of Roku, Inc. (ROKU) with Last Monthly Entry Signal in 2020

After bouncing around in the $110-$130 range for much of early 2020, ROKU began to climb in June, triggering a green monthly Trade Triangle on July 9, 2020, at $138.79.

The stock continued to make a slow move up and recorded a nice run of strong gains toward the end of August.

As of October 1, 2020, ROKU is up more than 42% since the last long-term signal. With a +100 Chart Analysis Score, the stock has the potential to add to gains.

ROKU also made it on our top stocks list for August 2020.

DocuSign, Inc. (DOCU)

DocuSign is a cloud-based service that allows businesses to digitally prepare, send, and sign documents. The company services individuals all the way to enterprise-level businesses by providing a touchless way to execute agreements.

This stock has been a work-from-home darling since the beginning of the COVID-19 shutdowns.

Avg. Volume: 6,147,518
Market Cap: 41.03B

Monthly Green Trade Triangle: 4/14/20 at $98.38
Smart Scan Score: +100

Chart of DocuSign, Inc. (DOCU) with Last Monthly Entry Signal in 2020

DocuSign began a strong run in early April, triggering a new monthly Trade Triangle on April 14, 2020, at $98.38.

Today, the stock is up more than 124% since the Trade Triangle entry signal.

Grubhub Inc. (GRUB)

This online and app-based platform allows customers to order delivery from over 105K restaurants without their own delivery capabilities.

Avg. Volume: 1,727,509
Market Cap: 6.74B

Monthly Green Trade Triangle: 5/12/20 at $58.32
Smart Scan Score: +100

Chart of Grubhub Inc. (GRUB) with Last Monthly Entry Signal in 2020

The bullish momentum remains strong for Grubhub. MarketClub detected a long-term swing on May 12, 2020, at $58.32. The stock is trading 25% over that signal price.

MarketClub members following the long-term strategy are sitting tight in a long position.

Changes in price action and momentum may alter the outlook for these top stocks. This does NOT mean you should sit in front of your computer to monitor the action!

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