The most significant insider buy on today’s list is a Form 4 filing by Greg Hayes, the CEO of Raytheon Technologies $RTX.
Hayes reported a purchase of roughly $1 million in Phillips 66 $PSX, where he serves as a director.
Expert technical analysis of financial markets by JC Parets
by David
The most significant insider buy on today’s list is a Form 4 filing by Greg Hayes, the CEO of Raytheon Technologies $RTX.
Hayes reported a purchase of roughly $1 million in Phillips 66 $PSX, where he serves as a director.
by David
From the Desk of Kimmy Sokoloff
Happy Friday!
Well, the tech heavyweights that reported last night had a bumpy evening.
Question is, will $AMZN, $GOOGL, and $AAPL gap and go lower or reverse and bounce?
by JC
If you’re short Peloton with the price above those former highs from the back half of last year, I think you’re insane.
The squeeze is on here folks.
At last glance we saw 15% of the float was still short.
Look at this beautiful bottom and breakout: [Read more…]
by David
From the Desk of Kimmy Sokoloff
Markets continued higher today…
And then, around 2:00 p.m. ET, the indices took a much-needed breather.
by David
The largest insider buy on today’s list is a Form 4 filing by Steve Miron, director at Charter Communications $CHTR.
Miron revealed the purchase of $960,875 worth of CHTR shares.
by David
From the Desk of Kimmy Sokoloff
For some time now, I’ve said $SPY can touch 410. We’re here now.
If we continue to hold on and slightly contract, then SPY can see 421.
From the desk of Steve Strazza @Sstrazza
Welcome to the 2 to 100 Club.
As many of you know, something we’ve been working on internally is using various bottom-up tools and scans to complement our top-down approach. It’s really been working for us!
One way we’re doing this is by identifying the strongest growth stocks as they climb the market-cap ladder from small- to mid- to large- and, ultimately, to mega-cap status (over $200B).
Once they graduate from small-cap to mid-cap status (over $2B), they come on our radar. Likewise, when they surpass the roughly $30B mark, they roll off our list.
But the scan doesn’t just end there.
We only want to look at the strongest growth industries in the market, as that is typically where these potential 50-baggers come from.
Some of the best performers in recent decades – stocks like Priceline, Amazon, Netflix, Salesforce, and myriad others – would have been on this list at some point during their journey to becoming the market behemoths they are today.
When you look at the stocks in our table, you’ll notice we’re only focused on Technology and Growth industry groups such as Software, Semiconductors, Online Retail, Solar, etc.
Then, like any good technician, we filter the list down to those closest to new highs.
This allows the cream of these strong groups to rise to the top and helps streamline our mission to identify technical breakouts in the top-performing stocks.
From the Desk of Steve Strazza @Sstrazza
In case I haven’t been obnoxious enough, we are in the early stages of a new bull market.
I cannot be more clear about this. I feel it in my bones.
Today, the Fed had their first meeting of the year, and did exactly what everyone thought they would do. The market flew straight into rally mode as soon as the press conference began. There were no surprises.
This is because, very much unlike 2022, the path of least resistance for risk assets is now higher.
We’re seeing risk-on action characterize the tape on a regular basis.
Breakouts are sticking. The list of new highs is growing longer and longer. Meanwhile, new lows are almost non-existent, and the breakdowns from December have failed and followed through higher.
It’s all bull market stuff.
Along the same lines, we’re seeing more and more stocks offer bullish chart setups that we want to be buying. And we’re entertaining all of them.
It’s time to be aggressive on the long side.
Be sure to check out today’s strategy call. It was a good one, and we brought along a ton of new setups in growth names.
However, in this post, we’ll outline three we didn’t have time to discuss on this week’s call.