Momentum Wrap – Chinese Real Estate Developers Make New 52-week Highs
- Posted by Ivanhoff
- on February 28th, 2013
40 new all-time highs among stocks that gained 1% or more: HGSH AMSF PAMT NEO DXPE MYL LOCK CSGP BRP CELG …
97 new 52-week highs among stocks that appreciated 1%+. Some of the notable movers include:
- Earlier in the week, I highlighted here that fast food stocks are exhibiting impressive relative strength. Yesterday, Burger King ($BKW), today Wendy’s ($WEN) and Dominos Pizza ($DPZ) cleared new multi-year highs.
- The Biotech index itself ($IBB) closed at all-time highs. Individual biotech stocks followed: $CELG $SGMO
- The commonplace opinion is that China is overbuilt and there is a ton of excessive inventory. It has been widely reported by every media under the sun. The question is how much of that negative sentiment has already been discounted by the market, who is a forward-looking mechanism by nature. We must be missing something, as Chinese real estate developers have started to clear new multi-year highs: $HGSH $XIN. The latter is still trading under cash. They are also rising high-end tall buildings in U.S., Australia, Canada and anywhere rich Chinese want to own a second home. The best performing stocks in amy given year are those that surprise the most and hence come from a sector no one expects.
- Anything connected to web security has been very hot this week. $SYMC and $LOCK taged new 52wk highs. $FIRE and $FTNT are not too far from there
StockTwits 50 Highlights
- $MENT finished the day at new 3yr highs. It beat the estimates after the close.
- Salesforce ($CRM) blew away its analysts’ earnings estimates and gained 4%+ after the bell
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