Momentum Wrap – Bank Stocks Hit New Annual Highs

on December 5 | in Daily Update | by

New Highs

Leadership continues to be very thin and uninspiring

10 stocks reached new all-time highs while gaining 1% or more today: CP BBSI FISV DORM MIDD AME DISCA COST PCP OAK

42 made new 52-week highs while appreciating 1%+. Some of the notable movers include:

  • Banks stocks are on a tear with breakouts all over the world: $BAC (USA), $RBS (Scotland), $IBN (India), $UBS (Switzerland)
  • O Canada, O Canada. After Mexican stocks recently, now Canadian stocks have invaded the multi-year high list – $CP (railroad), $RCI (wireless svs)
  • $DORM entered into all-time highs territory and it is not the only auto parts stock that is exhibiting relative strength

StockTwits 50 Notables:

  • $QIHU gave up its breakout from Monday. All of a sudden, the world doesn’t trust the unaudited earnings reports coming from China and this impacts all stocks from that region
  • $MIDD cleared all-time highs, but volume was shy
  • Overall, there were quite a few breakdowns among momentum stocks. 12 St50 names dropped 2% or more today: $KORS $AZZ $LEN $CONN

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