This is the video recording of the November 1, 2023, Hot Corner Insider Weekly Strategy Session.
Point72 Takes a 5% Stake in SNDX
From the Desk of Steve Strazza and Alfonso Depablos
Today’s largest insider transaction is another Form 4 filing by David S. Taylor, director of Delta Air Lines $DAL.
Taylor reported a purchase of 10,000 shares, equivalent to $307,500.
Director Lemonis Reports Another Large OSTK Buy
From the Desk of Steve Strazza and Alfonso Depablos
Today’s most significant insider transaction is another Form 4 filing by Marcus Lemonis, director of Overstock.com $OSTK.
Lemonis reported an OSTK purchase worth $595,933.
OSTK also saw bullish flow in the options market.
Under the Hood (10-30-2023)
From the desk of Steve Strazza @Sstrazza.
Welcome back to Under the Hood, where we’ll cover all the action for the week ended October 27, 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 seeing an unusual increase in investor interest.
Click here for a behind-the-scenes look at our process.
Whether we’re measuring increasing interest based on large institutional purchases, unusual options activity, or simply our proprietary lists of trending tickers, there’s a lot of overlap.
Small Caps Threaten to Break
From the Desk of Alfonso Depablos @Alfcharts
The outlook for equities continues to deteriorate as sellers gain momentum.
We’ve already discussed how the weakest areas of the market are leading to the downside. Meanwhile, the strongest sectors and industry groups remain stuck below overhead supply, with a growing list of charts completing tactical tops.
The Russell 2000 falls into the first category, as “the smaller, the weaker” remains the theme for stocks.
As such, it isn’t a surprise to see the Russell 2000 Index $IWM violate a critical polarity level and follow other laggards lower:
This area represents the prior cycle highs from 2018 and 2020. We think 170 in IWM is as important as any level on any chart right now.
We will watch closely in the coming days and weeks to see how price reacts to this former resistance zone… as well as the pivot lows, which come into play in the low 160s.
This is a logical level for a short-term bounce, but the question is whether buyers can repair the damage and reclaim this level in a sustainable way.
On the flip side, if we get downside follow-through in the near-term, we must anticipate another leg lower for this beaten-down group of stocks.
And if the Russell comes under further pressure, the S&P and Nasdaq will likely follow a similar path lower.
The bottom line is that more and more risk assets falling back below their prior cycle highs is a big feather in the hat for bears.
As always, we love to hear from you, so shoot us a note and let us know what you think.
Alfonso
Follow the Flow (10-30-2023)
From the Desk of Steve Strazza @sstrazza and Alfonso Depablos @Alfcharts
This is one of our favorite bottom-up scans: Follow the Flow.
In this note, we simply create a universe of stocks that experienced the most unusual options activity — either bullish or bearish, but not both.
We utilize options experts, both internally and through our partnership with The TradeXchange. Then, we dig through the level 2 details and do all the work upfront for our clients.
Our goal is to isolate only those options market splashes that represent levered and high-conviction, directional bets.
We also weed out hedging activity and ensure there are no offsetting trades that either neutralize or cap the risk on these unusual options trades.
What remains is a list of stocks that large financial institutions are putting big money behind.
And they’re doing so for one reason only: because they think the stock is about to move in their direction and make them a pretty penny.
Then we flip through our list of stocks flashing unusual activity and pick the best setups using many of the same technical filters we do for our other scans.
And, just like that, we’ll follow the money flow and fatten our own pockets along with some of the world’s most powerful financial institutions.
MTB’s CFO Reports Another Big Buy
From the Desk of Steve Strazza and Alfonso Depablos
Today’s most significant insider transaction is another Form 4 filing by the executive vice president and CFO of M&T Bank Corporation $MTB, who announced a purchase worth $555,217.
The same MTB executive reported an MTB purchase in early June worth approximately $1.2 million.
International Hall of Famers (10-27-2023)
From the desk of Steve Strazza @Sstrazza
Our International Hall of Famers list is composed of the 100 largest US-listed international stocks, or ADRs.
We’ve also sprinkled in some of the largest ADRs from countries that did not make the market cap cut.
These stocks range from some well-known mega-cap multinationals such as Toyota Motor and Royal Dutch Shell to some large-cap global disruptors such as Sea Ltd and Shopify.
It’s got all the big names and more–but only those that are based outside the US. You can find all the largest US stocks on our original Hall of Famers list.
The beauty of these scans is really in their simplicity.
We take the largest names each week and then apply technical filters in a way that the strongest stocks with the most momentum rise to the top.
Based on the market environment, we can also flip the scan on its head and filter for weakness.
Let’s dive in and take a look at some of the most important stocks from around the world.
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