Momentum Wrap – The Rally Lives

on March 20 | in Daily Update | by

new highs March 20

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

 

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