This is the weekly post that aggregates all the charts we put together throughout the week and organizes them all into one, easy to flip through deck.
Base and Industrial Metals: From Failed Breakouts to Fresh Breakdowns
From the Desk of Ian Culley @IanCulley
Risk assets are taking a hit.
The major equity indexes are seeing red. Crude oil is slipping below eighty bucks. And gold is failing at new all-time highs.
Perhaps the markets are navigating the summertime blues – a tune base and industrial metal investors have been humming for months.
It’s Time To Buy the Bios
From the Desk of Steve Strazza @Sstrazza
Breadth has expanded in a big way since last week, with more and more stocks finally joining in on the bull market as big-cap tech leaders take a breather.
At the sector and industry group level, our list of indexes that are in uptrends continues to grow.
Some notable new members on this list include regional banks, small-caps, and various speculative growth funds.
After years of basing in accumulation patterns, these groups are just now completing primary trend reversals.
What does this mean?
In its simplest form, it means there are more ponds we can fish in for long opportunities. There are more stocks — and groups of stocks — that are in uptrends.
It’s just more options for us.
International Hall of Famers (07-19-2024)
From the Desk of Steve Strazza @Sstrazza
Our International Hall of Famers list is composed of the 100 largest US-listed international stocks, or ADRs.
We’ve also sprinkled in some of the largest ADRs from countries that did not make the market cap cut.
These stocks range from some well-known mega-cap multinationals such as Toyota Motor and Royal Dutch Shell to some large-cap global disruptors such as Sea Ltd and Shopify.
It’s got all the big names and more–but only those that are based outside the US. You can find all the largest US stocks on our original Hall of Famers list.
The beauty of these scans is really in their simplicity.
We take the largest names each week and then apply technical filters in a way that the strongest stocks with the most momentum rise to the top.
Based on the market environment, we can also flip the scan on its head and filter for weakness.
Let’s dive in and take a look at some of the most important stocks from around the world.
Dow’s Largest Stock Breaks Out!
Is it bearish when the largest component in the Dow Jones Industrial Average breaks out of a multi-year base to new all-time highs?
To be clear, we’re talking about the world’s most important stock market index here. And UnitedHealth represents over 8.5% of the entire Papa Dow.
Look at this chart. While people are telling you that the market is in a bubble, things are parabolic and this is unsustainable, the largest weighting of the most important stock market gauge hasn’t even done anything for years.
Until now… [Read more…]
2 to 100 Club (07-17-2024)
From the Desk of Steve Strazza @Sstrazza
Welcome to The 2 to 100 Club.
As most of you know, we use various bottom-up tools and scans to complement our top-down approach.
It’s really been working for us!
One way we’re doing this is by identifying the strongest growth stocks as they climb the market-cap ladder from small- to mid- to large- and, ultimately, to mega-cap status (over $200B).
Once they graduate from small-cap to mid-cap status (over $2B), they come on our radar. Likewise, when they surpass the roughly $30B mark, they roll off our list.
But the scan doesn’t just end there.
We only want to look at the strongest growth industries in the market, as that is typically where these potential 50-baggers come from.
Some of the best performers in recent decades – stocks like Priceline, Amazon, Netflix, Salesforce, and myriad others – would have been on this list at some point during their journey to becoming the market behemoths they are today.
When you look at the stocks in our table, you’ll notice we’re only focused on Technology and Growth industry groups such as Software, Semiconductors, Online Retail, Solar, etc.
Then, like any good technician, we filter the list down to those closest to new highs.
This allows the cream of these strong groups to rise to the top and helps streamline our mission to identify technical breakouts in the top-performing stocks.
Market Internals Hit New Highs
Counting is a lost art.
Humans love their short cuts.
Rather than taking the time to actually go one by one counting each of the stocks that are going up, down, or sideways, humans would rather skip that altogether in favor of their favorite Index or some kind of statistic.
You don’t need any sophisticated math skills in order to count how well or poorly the stock market is doing.
It’s actually incredibly simple.
Humans just don’t want to do it.
And that’s the arb. [Read more…]
Freshly Squeezed (07-16-2024)
From the Desk of Steve Strazza @Sstrazza
The stock market is in the middle of one of its fiercest multi-day rallies in recent history.
Since last week, there has been a notable expansion in breadth, with areas like small caps, regional banks, biotechs, and speculative growth joining the bull market party.
Long story short, investors are beginning to move out on the risk spectrum and embrace some of the riskiest stocks the market has to offer.
Another way to see this offensive positioning is by analyzing the performance of the stocks that investors are betting against the most.
Names with sky-high short interests continue to work in this environment.
As such, it’s time to run it back with another Freshly Squeezed report.
Here’s how we do things…
We find the most heavily shorted stocks in the market. We wait for momentum to come into these names. And then we ride them higher as the bears get squeezed.
We got new short data last week, so let’s dive in and talk about it.
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