The divergencies resolved in the direction of the primary trend. More than 250 stocks went up 1%+ to new 52-week highs. When it comes to catalysts, apparently liquidity trumps them all. When 40 central banks around the world print money and inflation is tamed, there is a strong underlying bid for equities.
Yes, some the “junk” stocks have started to run 40-50% in a day, which is rarely a good sign, but also there is still so much skepticism and negativism behind this trend. Look at the $SPY sentiment chart on StockTwits. This does not look like euphoria:
109 new all-time highs among stocks that gained 1% or more:
283 stocks reached new 52-week highs while appreciating 1%+ today.
- The rally on Wednesday was all-encompassing. Many of the stocks that managed to hold their rising 50dmas during the pullback from last week, jumped back to new 52-week highs: asset management, property insurers, gas and electric utilities stocks.
- The healthcare sector continues to outperform with biotech ($IBB) and medical devices groups ($IHI) leading the way. Even the big cap drug manufacturers are at multi-year highs: $NVS, $LLY, $PFE
StockTwits 50 Highlights
- A 90% green day. 17 of the St50 stocks gained 2% or more.
- $PRLB (3D-printing) was the biggest gained and it is back near all-time highs after consolidating through time for the past 6 weeks
- $IT was upgraded in the morning and made new all-time highs on heavy volume
- $FEIC is near all-time highs and about to break out from a 3-month base
» Daily Update » Momentum Wrap – Happy New All-Time...