This is the weekly post that aggregates all the charts we put together throughout the week and organizes them all into one, easy to flip through deck.
Will Crude Crack Resistance?
From the desk of Steven Strazza @Sstrazza and Ian Culley @Ianculley
A few weeks ago, we pointed out widening crack spreads and what they meant for oil refining stocks. You can read more here, as we explain how wider crack spreads support higher prices for this particular area of the market.
Three weeks later, crack spreads have widened to their highest level in more than a decade.
This post is not about crack spreads, though. It’s about energy and how everything in the space is working these days.
Bullish rotation continues to be the theme for energy.
This week, gasoline was the standout, booking a 10% gain and breaking out of a massive base to new all-time highs.
Let’s take a look at the breakout in gasoline futures and discuss what it means for crude oil.
The Hall of Famers (05-06-2022)
From the desk of Steve Strazza @Sstrazza
Our Hall of Famers list is composed of the 150 largest US-based stocks.
These stocks range from the mega-cap growth behemoths like Apple and Microsoft – with market caps in excess of $2T – to some of the new-age large-cap disruptors such as Moderna, Square, and Snap.
It has all the big names and more.
It doesn’t include ADRs or any stock not domiciled in the US. But don’t worry; we developed a separate universe for that which you can check out here.
The Hall of Famers is simple.
We take our list of 150 names and then apply our technical filters so the strongest stocks with the most momentum rise to the top.
Let’s dive right in and check out what these big boys are up to.
Is There a Stronger Trend Than USD?
From the desk of Steven Strazza @Sstrazza and Ian Culley @IanCulley
While most uptrends have come under pressure in 2022, the US dollar has remained as strong as any.
This dollar strength, particularly at the index level, is nothing new. We’ve been discussing it.
It’s been taking place all year, driven by the major pairs such as the euro, the yen, and the pound.
However, something new is the burgeoning strength beneath the surface, even outside of the big developed market currencies. We’ve been seeing dollar internals improve drastically in recent weeks.
And now we’re seeing momentum accelerate for the US Dollar Index $DXY. Today, DXY is on track for its largest single-day gain since the pandemic crash more than two years ago.
All of the evidence suggests this dollar strength is the real deal.
Let’s talk about what it means and how we want to position for it.
Chart of the Day (05-05-2022)
From the desk of Steve Strazza @Sstrazza
The US Dollar Index $DXY is ripping to its highest level in 20 years today.
We just covered this dollar strength and what it means in our Currency Report, which you can read here.
We talk about the implications of a stronger dollar on risk assets, particularly stocks.
While this rally in the dollar is definitely not a good thing for stocks in the US or abroad, we see these intermarket relationships dislocate all the time.
Could stocks and the dollar rally higher together? Sure! Commodities and the dollar have already been doing this for several quarters now…
Let’s talk about that quick.
[Video] Talking NFTs With Justin Paterno | Conversations with JC Parets
We’re doing something a little bit different today.
I’m thrilled to welcome my friend Justin Paterno, Portfolio Manager of the new OSPREY NFT Fund.
Whenever I have questions about NFTs, Justin is the one I turn to. In fact, a lot of my friends go to Justin with questions about NFTs.
So in this episode, I chat with Justin about all things NFTs, different “sectors” of NFTs, the future of NFTs, the price analysis aspects of NFTs and Web 3.0, and all the things that come along with those, good or bad.
I personally own a bunch of NFTs, and I have a funny feeling I will own a lot more in the coming decades. Therefore, it’s probably a good idea that we get a better understanding of them.
This was a lot of fun and a nice break from all the other asset classes that we’re always talking about.
The Short Report (05-04-2022)
From the desk of Steve Strazza @Sstrazza
When investing in the stock market, we always want to approach it as a market of stocks.
Regardless of the environment, there are always stocks showing leadership and trending higher.
We may have to look harder to identify them depending on current market conditions… but there are always stocks that are going up.
The same can be said for weak stocks. Regardless of the environment, there are always stocks that are going down, too.
We already have multiple scans focusing on stocks making all-time highs, such as Hall of Famers, Minor Leaguers, and the 2 to 100 Club. We filter these universes for stocks that are exhibiting the best momentum and relative strength characteristics.
Clearly, we spend a lot of time identifying and writing about leading stocks every week, via multiple reports. Now, we’re also highlighting lagging stocks on a recurring basis.
May Strategy Session: 3 Key Takeaways
From the desk of Steve Strazza @Sstrazza
We held our May Monthly Strategy Session on Tuesday. ASC Premium Members can click here to access the recording and the chartbook.
Non-members can get a quick recap of the call simply by reading this post each month.
By focusing on long-term, monthly charts, the idea is to take a step back and put things into the context of their structural trends.
This is easily one of our most valuable exercises as it forces us to put aside the day-to-day noise and simply examine markets from a “big-picture” point of view.
With that as our backdrop, let’s dive right in and discuss three of the most important charts and/or themes from this month’s call.
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