Momentum Wrap – The Rally Lives

• Posted by Ivanhoff
• on March 20th, 2013

As cliche as it sounds, it is a ‘market of stocks’ and equity selection still pays offs. It is probably getting a little frothy, but picking tops is never an enticing endeavour. The best we can do is manage risk by properly adjusting our position sizes for the recent increase in volatility.

New highs

96 new all-time highs among stocks that gained 1% or more: WSM GV EAC GMK CHTR BKW TMH FLO STRZA SYNT

252 new 52-week highs among stocks that gained 1%+ today. Some of the notable movers include:

• Housing, housing, housing…anything related to it is still hot, led by homebuilders and furniture stores today – $WSM $KBH etc.

• Nine specialty chemicals stocks made new highs: $MEOH $IFF

• Casino stocks are perking up. $MPEL and $PENN cleared new 3yr highs

• Restaurants for every pocket continue to exhibit relative strength: $BKW $CAKE

• Even consumer staples were hot with General Mills ($GIS) and Flowers Foods ($FLO) tagging new all-time highs

StockTwits 50 Highlights

• The green wave lifted all boats. 13 out of the 50 stocks gained 2% or more.

• Strong numbers from $LEN, send all homebuilders stocks in the stratosphere: $DHI $PHM etc.

• Outsourcing and staffing agencies reminded of themselves and had a huge day. $ASGN tagged new all-time highs.

• $ADBE beat earnings estimates and gapped to new 3yr highs

 

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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