This time, we're looking for stocks displaying long-term trends of absolute momentum and relative strength...and we're buying them.
Let's get into the charts.
Here's Canadian national Railway going out at all-time highs last week. From a structural perspective, this signals the continuation of the stock's long-term uptrend and indicates a target up towards 160. If you want to keep your risk management tight, then 128 is the level, but if you want to give it more room then this thesis remains intact if prices are above 120.
We haven't taken a look at the Marijuana sector in a while, so today I'm going to review where the sector stands on an absolute and relative basis...and which stocks we're buying (if any).
Normally I'd have a pun or two here, but I've decided to take the high road and focus solely on the charts this time.
First, let's start at the index level with the Alternative Harvest ETF (MJ). prices gapped below our price objective at 12.60 earlier in the year, consolidated for two months, and then gapped back above it...forming an "island reversal" bottom on the weekly chart.
Click on chart to enlarge view.
Since then, prices have successfully retested support multiple times, so it would appear the bias is higher towards 22 as long as we're above 12.60.
These are the registration details for the live monthly conference call for Premium Members of All Star Charts.
This month’s Conference Call will be held onMonday July 20th at 7PM ET has been changed to Tuesday July 21 at 7PM ET. As always, if you cannot make the call live, the video and slides will be archived and published here along with every other live call since 2015.
Welcome to our latest edition of "Under The Hood." Read more about it here.
In this column, we analyze the most popular Robinhood stocks over the trailing week and find opportunities to either join in and ride these momentum names higher, or fade the crowd and bet against them.
This week we have a handful of trade ideas on the long side in a number of names that continue to exhibit impressive relative strength.
Let's dive into it. Here is this week's list of most popular stocks, measured by net increases in Robinhood accounts that hold shares.
Every week we publish performance tables for a variety of different asset classes and categories along with commentary on each.
This week we're going to highlight our US Index and Sector ETF tables, and focus on the laggards as they are giving us the most important information for the current market environment. Let's dive into it.
No surprises here... The Nasdaq $QQQ outperformed aggressively once again last week, booking a +4.7% gain while Mid, Small, and Micro-Caps were all lower. The Nasdaq is the only US Index that is higher over the trailing month.
The first section dives deep into the US Stock Market, and the second half covers International Stock Markets and FICC (Fixed Income, Commodities & Currencies).
You can skip right to the trade ideas here if you'd like, or give the full report a read!
Every week we publish performance tables for a variety of different asset classes and categories along with commentary on each.
Being Independence Day weekend, we're going to highlight the continued structural outperformance from the US vs rest of the world in this week's post. As a good patriot and technician, I would be remiss not to take this opportunity to reflect on how grateful US investors should be.
Here are our US Index ETF and Global Index tables.
This is the third edition of our new "Under The Hood" column. Read more about it here.
We are already getting positive feedback on this new strategy from "Mr. Market" as both of our trade ideas from last week's post are now in the top 5 of this week's most popular stocks (measured by the net increase in ownership, week-over-week).
In other words, Robinhood investors have been buying these names hand-over-fist since we wrote about them last week. They've been rewarded for it too as they've both performed very well.
Workhorse $WKHS has really lived up to its name as it hit our price target in a matter of days, and then went on to double again from there. The stock is up about 4-fold since it broke above our risk level near 5 early last week.
Here is a look at the updated chart, with the same exact annotations from last week's post.
It's my favorite time of the month! We have a fresh batch of Monthly Candles to analyze, help us identify trends and find profitable ideas. It takes me no more than 30-60 minutes and I only have to do this exercise once each month. That's just 12 times a year and BY FAR the most valuable 6-12 hours of work I put in each year, and it's not even close!
I'd like to invite you to join be this evening for a live Strategy Session. We'll be going through all the most important Monthly Charts and talk about what we want to do as we enter the 3rd quarter!
I will be hosting this Live Call tonight, Wednesday July 1 @ 7PM ET. As always, if you cannot make the call live, the video and slides will be archived and published here along with all the other live calls since 2015.
On the other hand, cyclicals and Value were already hurting coming into the year and then endured serious structural damage during the Q1 crash. If you've been invested in these areas, particularly those groups directly impacted by Covid-19, it might just seem like the "worst of times."