[9/7: stop moved to 260. We're already #FreeRiding on this one. So whatever we sell the remaining position for is pure profit!]
Today's trade leans against a significant support level that we believe will hold. But because the stock is at such a delicate level where it could quickly collapse on us if the level doesn't hold, we're going to keep the play simple and cleanly define our risks.
A picture is worth a thousand words, so here's the chart of Caterpillar $CAT that's got our attention:
Fresh off their annual meeting, Warren Buffett’s Berkshire Hathaway takes the spotlight on today’s hot list.
Buffett and Berkshire continue to accumulate shares of Occidental Petroleum $OXY, disclosing yet another purchase, this one worth roughly $125 million.
Last Friday’s action sent flashbacks of 2022 across my screen.
It was all King Dollar last week as risk assets and bonds sold off in tandem.
But before we all get carried away talking about the next leg higher for the dollar, let’s zoom out to get a read on where the DXY truly stands…
In the middle of a short-term range.
The US Dollar Index $DXY finished last Friday, posting its best week since peaking in late September 2022.
But it’s been stuck between 105 and 101 since December:
The DXY might have gained 1.5% last week, but it’s stuck below a key retracement level. It’s a range-bound mess like much of the market despite the recent bout of strength.
The largest insider buy on today's list comes in a Form 4 filed by the co-founder and executive vice-president of DISH Network Corporation $DISH, James DeFranco.
DeFranco revealed a purchase of $18.5 million worth of DISH shares.
Welcome back to Under the Hood, where we'll cover all the action for the week ended May 12, 2023. This report is published bi-weekly and rotated with The Minor Leaguers.
What we do here is analyze the most popular stocks during the week and find opportunities to either join in and ride these momentum names higher, or fade the crowd and bet against them.
We use a variety of sources to generate the list of most popular names.
There are so many new data sources available that all we need to do is organize and curate them in a way that shows us exactly what we want: a list of stocks that are seeing an unusual increase in investor interest.