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All Star Charts

Expert technical analysis of financial markets by JC Parets

Fade The Street: March 2021 Edition

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From the desk of Steve Strazza @sstrazza

We’ve enjoyed a ton of success with our bottoms-up scans and the columns they’ve inspired over the past year.

In fact, we’ve launched four columns around these scans since last summer.

When we combine them with our traditional top-down approach, they make it almost impossible to miss key market themes.

We have many more that we only run internally, some of which will have their own scheduled reports soon…

Today, we’re sharing one of my personal favorites with you. It’s called “Fade The Street,” and we introduced it in a report last month which you can read here.

It was a big hit and there’s been a lot of change since then, so we thought a follow-up was appropriate.

[Read more…]

The Minor Leaguers (03-01-2021)

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From the desk of Steve Strazza @Sstrazza

In a further effort to identify individual equities that fit within our larger Macro thesis, we recently rolled out our latest bottoms-up scan: “The Minor Leaguers.”

We write a post every other week where we outline some of our favorite setups from the watchlist.

We’ve already had some great trades from this universe and couldn’t be happier about the early feedback.

Moving forward, we’ll be rotating this column with “Under The Hood” each week.

In order to make it onto our Minor League list, you must have a market cap between $1 and $2B. There are also price and liquidity filters.

Then, we simply sort the stocks by their percentage from new highs. Easy done.

And what better time than now to launch a small-cap focused column!? We’ve seen very strong evidence of a structural rotation down the market cap scale, suggesting a new period of outperformance from small-caps in the coming months and quarters.

This column is a great way to take advantage of that trend. Let’s dive right in!

[Read more…]

Banking On This Group Of Global Stocks

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From the desk of Steve Strazza @sstrazza and Louis Sykes @haumicharts

Over the last few months, there’s been a distinct rotation into Financials and other cyclical areas across equity markets not just in the US, but across the globe.

This topic is nothing new around here as it’s been a big theme for us recently. Consider some of our calls from this month:

I think you get it. We’re quite bullish on risk assets at the moment.

Long story short, the expansion in participation from cyclical stocks and commodities has provided us with a swath of new opportunities… and we’ve been jumping at them.

[Read more…]

A World Of Financial Implications

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From the desk of Steve Strazza @Sstrazza

Intermarket analysis is always an area of focus over here at All Star Charts. Right now, there are a lot of changes taking hold beneath the surface in some key cross-asset relationships.

For the longest time, the alpha has been in the US… it’s been in large-caps… and it’s been in growth stocks. That’s been the playbook. We know because we’ve been running it back for years now.

Although, we’re seeing strong evidence that this is no longer the case…

One of the best things about our approach is that it allows us to be incredibly flexible and adjust our views as new data becomes available.

We pride ourselves on never being dogmatic. Speaking of which, despite how much we’ve leaned on secular leadership from growth and tech stocks in recent years, the data is suggesting we reposition ourselves in favor of Value (read more about it, here).

Today, we’ll zoom out and explore the impact the recent sector rotation is having on a variety of relative trends beyond, but also related to, Growth vs Value.

[Read more…]

Looking Under The Hood At Growth And Value

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From the desk of Steve Strazza @Sstrazza

We’ve been vocal about the strong internals supporting the rally in US Equities.

We’ve pounded the table about one historic breadth reading after the next as they’ve continued to pop up in a variety of the major indexes and sectors since early last summer.

This seemingly constant influx of extreme readings is not something we see very often… if ever.

For example, the NYSE and Nasdaq recently registered the most new highs in history on a combined basis.

The bottom line is breadth has been overwhelmingly bullish and is one of the main reasons we’re in the camp that this is likely the early innings of a new cyclical bull market.

[Read more…]

[Podcast] Let’s Talk About Bonds, Baby! w/ Larry McDonald

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Whenever I want to talk about bonds, I always know just who to call. Larry McDonald is a former bond trader at Lehman Brothers and author of the book, Colossal Failure of Common Sense. I highly encourage you to give it a read, especially if you’re looking for some perspective on what really happened back in 2007-2008.

It’s no coincidence that I reached out to him to come on the podcast. Larry and I had a very timely conversation in February of last year. So with the bond market recently losing 5-6 Trillion dollars in such a short period of time, who better to talk to than by favorite bond trader.

This was fun. We talked about the current move in rates and how that’s impacting stocks and bond markets around the world. If you’re looking for color on Credit Spreads and Yield curves, this is the episode for you.

What’s better than a good conversation about bonds?  [Read more…]

Top/Down Take: Jindal Steel & Power (JINDALSTEL)

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Here we go with our next round of the Top-Down Take post. At All Star Charts, we like to keep things simple and look at the bigger picture. We let the charts speak to us and then decide what to do. Always remember, the Trend is our Friend.

Today we’re taking a look at a sector that has been an outperformer in the recent past despite broader market correction. Nifty Metal is now moving from strength to strength as more constituents break out of long-term bases.

[Read more…]

“What Is A Value Stock?”

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Some of us are old enough to remember a time when Value stocks were the place to be. The kids these days look at me like I’m nuts when I talk to them about banks and energy stocks!

There’s a whole world of companies that used to do great. In fact, early in my career these were the names to be in: BTU, WLT, LEH, MER, BSC….. Good times!

Tech and all that other stuff came much later and has been the big driver in the U.S. over the past decade. But the rest of the world has suffered, without that exposure to Tech and Growth, and instead loaded with banks and natural resources, the worse places on earth for some time now.

Fast forward to today and we continue to get more and more evidence suggesting that it’s changing.

It’s no longer US over International and EM. It’s been EM and International over US. It used to be Growth over value for so long.

That’s just no longer the case: [Read more…]

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