Momentum Wrap – Bank of America and Citigroup Clear New 52-week Highs

Posted by Ivanhoff
on February 12th, 2013

The tremendous strength in the market continues as sector rotation is helping stocks with good bases to break out.

New Highs

45 new all-time highs among stocks that gained 1% or more: KORS SCTY EAC TLP FRGY NCLH MOV POWL FBHC CR LPDX

155 new 52-week highs among stocks that appreciated 1%+. Some of the notable movers include:

After a month or so side-ways consolidation, big banks are breaking out again. $C $BAC

Momentum is back in homebuilders. Buyers stepped up near their rising 50dma with gusto. Multiple 4%+ moves today: $KBH $RYL $PHM

Solar stocks are trading like it is 2007 all over again. A bunch of new highs in the group in anticipation of a green friendly State of the Union Speech from President Obama: $SPWR $SCTY $TAN

The ultimate “aging America” plays reminded of themselves, clearing blue sky: $FVE $BKD $ESC

$YHOO and $AOL are trading like it is 1998. New multi-year highs for them

Other notable breakouts: $SUP (auto parts), $FRGY (restaurant), $KKD (donuts), $ACAS (asset management), $SMTC (semiconductor)

StockTwits 50 Notables

$KORS did it again. New all-time highs after exceeding Wall Street expectations. One of the most successful retail IPO in recent market history. Up 160% since its public debute in December 2011

In sympathy with Michael Kors, $MOV also clear new all-time highs from a decent short-term base.

$XXIA is knocking on the 10yr high door

Homebuilders $PHM and $LEN bounced near their 50dmas

Relative weakness in 3D printing stocks $DDD and $SSYS

$RAX fell 7% in the afterhours on a negative earnings surprise

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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