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Your Breakouts Are Failing

April 22, 2024

Have you counted how many stocks and sectors put in failed breakouts?

Market breadth has been deteriorating so fast that most of the "breakouts" that everyone was so excited about last quarter are all failing one by one.

It's pretty nasty out there.

That's what happens when you get aggressive and buy stocks while breadth is deteriorating in your face.

I've seen this too many times to get fooled again.

You're seeing a lot of first timers out there who haven't learned this yet.

One of the better examples is in the Equally-weighted S&P500. Look at this nasty failed breakout.

All Star Charts Crypto

Watching the Range

April 21, 2024

Crypto markets are undergoing a period of consolidation. Following last week's selloff, buying during weekend hours helped to push Bitcoin and Ethereum higher.

 

Dow Hits Three-Year Low vs. Gold

April 20, 2024

How's the stock market correction treating you so far?

The Nasdaq100 is only up 1% this year, underperforming a typical year for the market by a long shot.

The Dow Jones Industrial Average is flat for 2024.

The Russell2000 Small-cap Index $IWM is still down this year.

Emerging Markets $EEM are down.

Meanwhile Gold is up 15%. Silver is up 20%.

In fact, the Dow/Gold ratio just hit new 3-year lows this week:

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Don’t Forget About Copper!

April 19, 2024

From the Desk of Ian Culley @IanCulley

The media is showering gold and precious metals with attention.

I get it. New all-time highs capture eyes. 

But you can’t leave copper and base metals out of the story…

Copper is ripping to its highest level in almost two years, posting a 15% year-to-date gain:

For perspective, the S&P 500 is up less than 5% since January 1.

Our next profit target of roughly 4.85 is now in focus. A decisive break above this new objective sends copper toward new all-time highs and the psychologically important five-dollar level.  

Failed Breakouts Everywhere

April 19, 2024

From the Desk of Alfonso Depablos @AlfCharts

2024 is far from being like 2023. 

While we’ve experienced some healthy sector rotation, the first quarter was characterized by waning momentum.

With these long-standing momentum divergences in place, so far, the second quarter has been characterized by selling pressure. 

Since last week, we’ve seen an increasing number of these divergences confirmed by price. 

Making matters worse is where this downside is taking place. We're also seeing a growing list of indexes and sectors lose key former highs.

Until the bulls can reclaim these polarity zones, markets will remain messy. 

Let’s talk about some of them.

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The Hall of Famers (04-19-2024)

April 19, 2024

From the desk of Steve Strazza @Sstrazza

Our Hall of Famers list is composed of the 150 largest US-based stocks.

These stocks range from the mega-cap growth behemoths like Apple and Microsoft – with market caps in excess of $2T – to some of the new-age large-cap disruptors such as Moderna, Square, and Snap.

It has all the big names and more.

It doesn’t include ADRs or any stock not domiciled in the US. But don’t worry; we developed a separate universe for that. Click here to check it out.

The Hall of Famers is simple.

We take our list of 150 names and then apply our technical filters so the strongest stocks with the most momentum rise to the top.

Let’s dive right in and check out what these big boys are up to.

Here’s this week’s list:

*Click table to enlarge view

All Star Options

[Options Premium] Buying a Leader During a Broad Market Dip

April 19, 2024

During this recent stock market pullback, one stock that has stood out for its strength against the tide of selling is Google.

And with earnings slated for next week, the options market is pricing in some extra premiums that make some kind of short premium play advantageous.

We're going to use this premium to get positioned for a resumption of the upward trend in $GOOGL.

 

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The Dow Is Down for the Year

April 19, 2024

You can now add the Dow Jones Industrial Average to the list of indexes that are DOWN for the year so far.

I've argued many times that the Dow Jones Industrial Average is the world's most important stock market index.

And while I'm not going to get into all the reasons again today, I'll just show you the chart of the S&P500 and Dow Jones Industrial Average going back 60 years.

They move together...

Baker Bros Boosts Its BCYC Stake to 19.90%

April 19, 2024

From the Desk of Steve Strazza and Alfonso Depablos

The most significant transaction on today’s list is a 13D filing by Baker Bros Advisors LLC for Bicycle Therapeutics plc $BCYC.

Baker Bros revealed an increase in its ownership stake in BCYC from 12.70% to 19.90%.

All Star Charts Gold Rush

Don’t Forget About Copper!

April 19, 2024

The media is showering gold and precious metals with attention.

I get it. New all-time highs capture eyes. 

But you can’t leave copper and base metals out of the story…