From the Desk of Kimmy Sokoloff

We had a nice ramp up yesterday. I called out $SPY at 434.34 for a move to 436.60 in the Live Trading Room.

The market is pulling in this morning, and Fed Chair Jerome Powell will be speaking at the open.

From the Desk of Kimmy Sokoloff

I mentioned this morning that odds favored a bounce.

$SPY broke above its eight-day moving average and headed higher.

The most significant transaction on today's list comes in a Form 4 filing by Hadi Partovi, director of Axon Enterprise Inc $AXON.

Partovi reported an AXON purchase worth $4.7 million.

From the Desk of Kimmy Sokoloff

$SPY and $QQQ had played catch-up to $DIA and $IWM, but they've moved down to their respective 21-day moving averages.

We've been heading lower for a week now, and we have a holiday coming up next week.

The market typically likes to rally before a holiday weekend.

From the Desk of Steve Strazza @Sstrazza.

Welcome back to Under the Hood, where we'll cover all the action for the week ended June 23, 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 that are seeing an unusual increase in investor interest.

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.

From the Desk of Kimmy Sokoloff

It was a choppy market today, with the indices pulling in.

We'll see how $SPY handles the 430 area.

The most significant transaction on today's list comes in a Form 4 filing by Carl Icahn.

Icahn revealed a purchase of $531,478 in Southwest Gas Holdings $SWX.

From the Desk of Kimmy Sokoloff

It's a quiet morning so far for the market.

We'll see how the indices handle their respective moving averages this week.

From the Desk of Steve Strazza @Sstrazza and Alfonso Depablos @AlfCharts

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.

Here’s this week’s list:

From the Desk of Kimmy Sokoloff

It was a down week for the indices, which was warranted.

We'll see if we flag here and head higher or trend down to the 21-day moving averages.

$DIA and $IWM are below their 21-day moving averages, while $SPY and $QQQ are not.

The most significant transaction on today's list comes in a Form 4 filing by Danaos Corp $DAC, which revealed a purchase of $7.2 million in Eagle Bulk Shipping Inc $EGLE.

Danaos has quietly amassed an 11.32% ownership stake in its competitor in recent months.