From the desk of Tom Bruni @BruniCharting
Saturday I spoke at the Trade Ideas Summit in San Diego, outlining our bullish case for US Equities. It was a lot of fun and you can register here to receive the presentation replay when it becomes available.
Today, JC followed up on our recent posts by confirming that new all-time highs are indeed not a characteristic of a downtrend.
In honor of the new all-time closing highs in the Russell 3000, S&P 500, and Nasdaq 100, I want to outline several stocks we want to be buying to take advantage of our bullish Equities thesis.
For those who didn't check the market today, here's the Russell 3000 making a new all-time closing high, just shy of its former intra-day high of 178. New highs are not a characteristic of a downtrend, so as long as prices are pressing above 178 our upside target is 196 in the coming months.
Click on chart to enlarge view.
We've wanted to own stocks exhibiting relative strength and that remains our plan as the major indices resolve to the upside.
A name we've had on our watchlist that is just now breaking out is Deere & Co. (DE), which is moving above 172 and making new all-time highs. As long as we're above that level, this multi-year base breakout is intact and targets 199 on the upside.
Another name we've discussed is Lockheed Martin (LMT) because it's part of the Industrials space that's been showing relative strength and attempting a breakout of its own. Prices are retesting their breakout area near 360 as momentum maintains its bullish range, so we want to be buying this weakness with a target near 440.
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