From the Desk of Steve Strazza @Sstrazza and Alfonso Depablos @AlfCharts
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.
A healthy rotation is underway across equity markets.
Leadership has swung toward cyclical value-oriented names over the trailing two weeks. Small-cap Energy, Materials, and Financials are outpacing the year-to-date top performers (Large-cap Tech). It’s a clear expansion in participation and a hallmark characteristic of any bull market.
But if cyclical stocks have a chance at participating over the long haul, we want to witness similar strength from corresponding commodity markets.
And we are…
Check out rebar futures posting a potential failed breakdown:
That company is still a thing? I thought the iPhone killed it? ~ JC during The Morning Show on 6/15/23
Yep. Today's trade is a play on a stock in a company we were all kind of surprised still exists, and even more surprising that is doing well!
Upon further digging, we learned the company has handled the pivot away from online maps for car drivers into things like GPS for boats, golfers, and wearables!
Yes, investors continue to react, unpacking Jerome Powell’s words while looking ahead to next month’s meeting. It’s a never-ending cycle proffered by unrelenting data.
But it’s this constant flux that makes the market the most engaging puzzle in the world (aside from life, of course).
Yet one piece of the puzzle renders the chaos manageable…
The closing price.
That’s the main reason I choose to devote the majority of my energy to price charts. The closing price is seldom revised, acting as an anchor during turbulent conditions.
Call me old school, but price is never wrong.
With that in mind, let’s take a fresh look at a key intermarket ratio many (including me) have labeled “broken”...
