While we have seen an expansion in new highs, the majority of coins find themselves right below overhead supply. The same can be said for the major averages, which have bounced nicely into tactical levels of resistance.
The primary trend is still down, and repairs after bear markets like these often take months and quarters, not weeks.
Having said that, we can never be dogmatic in our approach. If we don't account for new data as it comes in, we're no longer doing our job as technical analysts.
We often like to make Monday's letter a little more lengthy and detailed, but this week we're taking the opposite approach.
That is, we're outlining four simple developments that'd make us flip more on the bullish side.
The largest insider buy on today’s list is a Form 4 filing by the president and CEO of TransUnion $TRU, who revealed a purchase of $1.9 million in the credit reporting agency.
The chief commercial officer of First Solar $FSLR reported a purchase of 9,946 shares, worth roughly $1 million in the solar panel manufacturer.
Energy futures are beginning to crack under pressure.
Crude oil and gasoline are breaking down to their lowest levels since February. And heating oil isn’t far behind, as it’s challenging the lower bounds of a similar distribution pattern.
It appears that the bears have finally come for energy.
Since we already laid out our short idea for crude oil futures in a recent post, today, our focus is on the energy sector and the implications these breakdowns carry for energy-related stocks.
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.
Earlier this week, we got stopped out of Vertex Pharma $VRTX for a manageable loss. It happens. Now today, a vortex is pulling us in the direction of another Vertex -- Vertex Energy $VTNR. Crazy, huh?
In the end, stocks are all just ticker symbols with dollar signs attached to them that convey any kind of meaning to us. But nonetheless, what are the odds?
Weird coincidences aside, we're liking the setup in this energy name so let's get right to it.
At the beginning of every month, we tune out all the market noise and zoom out. We zoom out, because these calls that are held in the first week of the month, focus on monthly charts. So we're basically looking at long-term trends.
Our Monthly Strategy Session Call concluded early this week. Premium members can access the call recording here.
For non-premium members, don't worry- we haven't forgotten about you! You can check out our posts highlighting the top 3 charts that month, in posts like these!
