Momentum Wrap – Biotech and Retail Stocks Lead The Market Higher

on April 11 | in Daily Update | by

nwe highs April 11

New Highs

70 new all-time highs among stocks that gained 1% or more: CNDO ACRX NXST EAC KMX ARCP GILD REGN

192 stocks reached new 52-week highs while appreciating 1%+.

  • Payroll tax increase hasn’t mattered so far. The consumer is alive, well and spending. At least, this is what the market is discounting with retailers ($XRT) and consumer discretionary stocks (restaurants, apparel) charging higher.
  • Healthcare and more specifically biotech and drug manufacturers continue to ride the secular trend of an aging U.S. population and  outperform. There were quite a few new all-time highs among biotech stocks today: $GILD $REGN $ONXX
  • Japan is still in everyone’s eyesight as Japanese ADRS are gapping up every day – $NMR $TM
  • Other notable breakouts: $HFF (mortgage investment), $GTN (broadcasting), $EL (personal products), $STAG (REIT)

StockTwits 50 Highlights

  • $CELG (biotech), $FAF (property insurance), $WOR (steel products) and $CHUY (Mexican restaurant chain) cleared new all-time highs. $PRLB (3D Printing) was also there in the morning, but gave it up in the second part of the day.
  • $LNKD is hovering right below its all-time highs after 3 weeks of side-ways consolidation. It is on a breakout  watch for  the next few days. So is $SBUX.

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