Hey, Ross here:
Something pretty wild has been happening underneath the market lately.
Individual stocks are moving a lot…
But they’re not moving together.
And at the same time, some of the stocks that absolutely crushed it earlier this year are now getting smoked.
Take a look.
Chart of the Day
This chart compares two things:
How much individual stocks are moving…
And how closely they’re moving together.
Right now, single-stock volatility is high.
But correlation is extremely low.
Put simply:
Stocks are making big moves in completely different directions.
And the gap between the calm you see at the index level and the chaos underneath has become unusually wide.
We haven’t seen many periods like this.
Now look at what happened to this year’s winners and losers:
This one is almost perfectly backwards.
Stocks that gained 100% or more in the first half of 2026 fell an average of roughly 15% in Q3.
Stocks that gained at least 20% fell nearly 7%.
Meanwhile, stocks that were down 50% or more in the first half rallied more than 18% in Q3.
The best stocks became the worst.
And some of the worst became the best.
So what does that mean?
Insight of the Day
The market’s winners are getting reset
Q3 has punished anyone who assumed the first-half winners would just keep winning.
Money rotated.
Old leaders got hit.
Beaten-down stocks suddenly came back to life.
And because stocks aren’t moving together right now, those reversals can get violent fast.
That doesn’t mean every old winner is finished.
And it definitely doesn’t mean every beaten-down stock is suddenly a buy.
But it does mean I’m putting less weight on what worked six months ago – or even just last month.
There is a catch.
You see, when leadership resets like this, the next group of winners usually doesn’t come with a flashing sign saying “New leader.”
You have to spot the change early.
I will share more about how to spot this change early in this newsletter tomorrow morning…
So make sure you keep an eye out for that.
In the meantime, here are the details on a stock Wall Street is dead wrong on.
Customer Story of the Day
“Best service available, and I have tried them all.
Ross is the only one who spends his time trying to TEACH you how to do it rather than telling you buy this sell that.
It’s like the old saying, “Give a man a fish you feed him for a day, Teach a man to fish, you feed him for life.”
As a lifetime private trading club member I would Highly, Highly recommend TA to anybody, and I have recommended it to several of my friends and family.”
Ross Givens
Editor, Stock Surge Daily
