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.
Expert technical analysis of financial markets by JC Parets
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.
by David
From the Desk of Kimmy Sokoloff
What a day… February started off with a bang!
I mentioned in the live trading room that if the market likes what Fed Chair Jerome Powell has to say we can see $SPY 410.
We sure did hit that level… and then some.
by David
This is the video recording of our February 1, 2023, Inside Scoop Weekly Strategy Session.
by JC
Where I come from do you know what we call higher lows and higher highs?
Uptrends.
Do you know what stocks do in bull markets?
They go up.
And speaking of going up, we just watched the Small-cap Russell2000 Index go out at new 10-month highs.
Do you know what’s not evidence of a downtrend?
New 10-month highs. [Read more…]
by David
The largest insider buy on today’s list is a Form 4 filing by Randal Kirk, the executive chairman of Precigen $PGEN.
Kirk revealed the purchase of roughly $20 million of his own stock from him, increasing his ownership stake to 46.2%.
by David
From the Desk of Kimmy Sokoloff
Hello, February! Let’s see if you can live up to January.
Today is Fed day. I’m sure we’ll see wild swings in both directions initially, and then the market will subside.