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.
International Hall of Famers (10-13-2023)
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.
What Will It Take for Crude to Break Down?
From the Desk of Ian Culley @IanCulley
Price must hold above key support levels when defining a range or uptrend.
It might sound simple. Yet investors often sideline these crucial levels in favor of the latest headline.
I read the news daily and support journalists fighting the good fight. However, I don’t incorporate what I read in the papers into my market analysis.
Instead, I focus on price and the critical areas seared into the collective memory bank – support and resistance.
Perhaps you can guess my response when a reader recently asked, “What will it take for crude oil to break down?”
The Dollar Playbook
From the Desk of Alfonso Depablos @Alfcharts
The negative correlation between equities and the dollar remains intact, representing a fundamental piece of the current intermarket puzzle.
When the dollar strengthens, stocks tend to fall under selling pressure. On the flip side, stocks often enjoy strong bull runs when the dollar trends lower.
That’s been the case for some time now.
When we zoom in on this relationship, it becomes clear as day why the dollar should be on the mind of every stock market investor right now.
Below is a 15-minute chart of the S&P 500 Futures and the US Dollar Index over the last week.
All Eyes On The Banks
From the Desk of Alfonso Depablos @Alfcharts
Banks are considered one of the world’s most important industry groups as they provide an excellent overview of the economic environment and overall risk appetite toward markets.
After suffering a deep decline in Q1, prices carved out a tradable low, rebounded, and settled into a well-defined trading range.
However, these laggards continue to be a concern for the financial sector and the broader market as the charts look vulnerable heading into earnings season.
Here we have Money-Center Banks $KBE, Regional Banks $KRE, and Community Banks $QABA, all of which are below their AVWAPS from the May lows:
Here’s What To Own When the Dollar Slips Lower
From the Desk of Ian Culley @IanCulley
Price doesn’t move in a straight line.
Just don’t tell the US dollar, which has managed to post positive gains for 11 straight weeks.
But the US Dollar Index $DXY is sporting its deepest drawdown since mid-July – a mere 0.2% – as buyers catch their breath.
Five down days and counting have my attention, though it doesn’t shift my bullish bias for King Dollar.
Not yet!
2 to 100 Club (10-11-2023)
From the Desk of Steve Strazza @Sstrazza
Welcome to The 2 to 100 Club.
As many of you know, something we’ve been working on internally is using various bottom-up tools and scans to complement our top-down approach.
It’s really been working for us!
One way we’re doing this is by identifying 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.
[Options] Getting Cautiously Long
[12/4/23: moving stop to 550]
Today’s trade is a bet on stocks making a run back towards all-time highs over the next 3-6 months. If you don’t believe that’s in the cards for stocks, then this trade isn’t for you.
Unfortunately, its also a trade in a stock with a high trading price, so the margin requirement may perhaps be a bit onerous for some.
If you’re in either camp, there’s no shame in skipping this trade. It’s not for everyone.
If I haven’t scared you off yet, then keep reading… [Read more…]
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