Momentum Wrap – Besttttt Buy Hits New 52-week Highs

on April 4 | in Daily Update | by

new highs April 4

New Highs

16 new all-time highs among stocks that gained 1% or more: PNRA HMG HHC TW ABBV

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

  • One of the worst performers in 2012, is leading in 2013. $BBY cleared new 52-week highs on news that Samsung is going to open boutique shops inside 1400 Best Buy’s locations. This was rumored last week, but the market reacted today.
  • $CONN made another new 3 yr highs, proving that momentum could continue a lot longer than expected. $CONN more than doubled in both 2011 and 2012 and it is already up more than 40% in 2013.
  • Declining inflation expectations have been punishing commodities across the board recently. The silver lining is that one sector’s declining revenues is another sector’s declining costs, which is a good explanation of the notable relative strength in restaurants ($PNRA, $MCD), food ($SAFM), retailers and apparel stocks ($M, $FNP) as of late. Utilities have also been hot and making new 52-week highs ($XLU).

StockTwits 50 Highlights

  • After yesterday’s dip, healthcare names were the first to recover. $ABAX is back near all-time highs.
  • $ADBE cleared new 3 yr highs
  • $SPSC, $RUTH $EXLS bounced right where they had to and on heavy volume. $V is also trying to find some footing.

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