Expert technical analysis of financial markets by JC Parets
From the Desk of Steve Strazza @Sstrazza
The price action from commodities has been lackluster, at best, this year. Our equal-weight commodity index is at its lowest level since early 2021.
Despite the broad weakness, gold continues to shine. The 79th element closed this week at its highest price in history.
From the desk of Steve Strazza @Sstrazza
Our International Hall of Famers list is composed of the 100 largest US-listed international stocks, or ADRs.
We’ve also sprinkled in some of the largest ADRs from countries that did not make the market cap cut.
These stocks range from some well-known mega-cap multinationals such as Toyota Motor and Royal Dutch Shell to some large-cap global disruptors such as Sea Ltd and Shopify.
It’s got all the big names and more–but only those that are based outside the US. You can find all the largest US stocks on our original Hall of Famers list.
The beauty of these scans is really in their simplicity.
We take the largest names each week and then apply technical filters in a way that the strongest stocks with the most momentum rise to the top.
Based on the market environment, we can also flip the scan on its head and filter for weakness.
Let’s dive in and take a look at some of the most important stocks from around the world.
Toronto is such a great town.
I hadn’t been here since 2019.
It’s fun seeing all the ADRs in the wild – Bank of Montreal $BMO, Canadian Pacific $CP, Royal Bank of Canada $RBC and so many others!
Also, the conversations I’m overhearing in the hotel lobby have been about the S&P500 and earnings. You don’t hear talk like that in many other cities.
It’s not surprising, as we all know Toronto is a big financial hub for Canada. But it’s reassuring to experience it and watch it thrive.
The TSX is hitting new all-time highs eh! [Read more…]
From the Desk of Ian Culley @IanCulley
The US Dollar Index $DXY is finishing the day relatively unchanged.
Today’s much anticipated CPI print failed to move the needle for the greenback.
On the flip side, $DXY’s most significant component – the euro – is ripping toward a new year-to-date high.
From the Desk of Steve Strazza @Sstrazza
Welcome to The 2 to 100 Club.
In this scan, we look to identify the strongest growth stocks as they climb the market-cap ladder from small- to mid- to large- and, ultimately, to mega-cap status (over $200B).
Once they graduate from small-cap to mid-cap status (over $2B), they come on our radar. Likewise, when they surpass the roughly $30B mark, they roll off our list.
But the scan doesn’t just end there.
We only want to look at the strongest growth industries in the market, as that is typically where these potential 50-baggers come from.
Some of the best performers in recent decades – stocks like Priceline, Amazon, Netflix, Salesforce, and myriad others – would have been on this list at some point during their journey to becoming the market behemoths they are today.
When you look at the stocks in our table, you’ll notice we’re only focused on Technology and Growth industry groups such as Software, Semiconductors, Online Retail, Solar, etc.
Then, like any good technician, we filter the list down to those closest to new highs.
This allows the cream of these strong groups to rise to the top and helps streamline our mission to identify technical breakouts in the top-performing stocks.
We use sentiment to help put the behavior of the stock market into context.
When looking at markets, it’s easy to see what stocks are doing. All you have to do is look.
But what are people thinking? That’s what we want to know.
When everyone is bullish, it’s hard for stocks to go up in price at the same rate. When everyone turns bearish, that’s historically a great time to be putting money to work.
Coming into August, sentiment was running hot. The VIX was at 10, the put/call ratio was muted, newsletter writers were giving us some of their most bullish readings of all-time, and our sentiment composite was as complacent as it’s ever been.
Boy did that change quickly.
We just saw the largest week over week spike in bears among individual investors since 2022, just as this bull market was getting started.
Look at that spike this week: [Read more…]
These are the registration details for our LIVE Mid-month Conference Call for Premium Members of All Star Charts.
Our Live Call will be held on Monday August 19th @ 6PM ET. As always, if you cannot make the call live, the video and slides will be archived and published here along with every other live call since 2015.
Here are the details for Monday evening: [Read more…]
From the Desk of Steve Strazza @Sstrazza
Stocks with high short interest are proving resilient, even in challenging market conditions, as the bears struggle to drive down even the most hated names.
With this in mind, it’s time for another Freshly Squeezed report.
Here’s our approach:
We find the most heavily shorted stocks in the market. Then, we monitor these names for signs of upward momentum. Once that momentum kicks in, we ride them higher as the bears get squeezed.
We got fresh short data on Friday, so let’s dive in and talk about it.
