Welcome back to Under the Hood, where we'll cover all the action for the two weeks ended April 26, 2024. This report is published bi-weekly, in rotation 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.
In today's Flow Show, Steve Strazza laid out the case of how both the Nasdaq 100 and Chinese tech stocks (particularly Chinese internet) might be signaling an important rise in speculative appetite which could fuel the next bull run.
Of the names Steve shared, the one that made the most sense to me was JD.com $JD. Check out this chart:
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This month’s Video Conference Call will be held on Wednesday May 1st @ 6PM ET. As always, if you cannot make the call live, the video and slides will be archived and published here along with every other live call since 2015.
The big takeaway is that I'm not seeing a big reason to do anything from a trading standpoint.
I want to see an expansion in new highs as well as more sustained dollar weakness to have more conviction in adding to my crypto exposure. For now, I think remaining patient and allowing the market setup is the most prudent course of action in the short term.