Expert technical analysis of financial markets by JC Parets
The most significant transaction on today’s list comes in a Form 4 filing by Danaos Corp $DAC, which revealed a purchase of $7.2 million in Eagle Bulk Shipping Inc $EGLE.
Danaos has quietly amassed an 11.32% ownership stake in its competitor in recent months.
From the desk of Steve Strazza @Sstrazza
Tuesday night we held our June Monthly Conference Call, which Premium Members can access and rewatch here.
In this post, we’ll do our best to summarize it by highlighting five of the most important charts and/or themes we covered, along with commentary on each.
Let’s get right into it!
From the Desk of Kimmy Sokoloff
Tech pushed higher yesterday.
Let’s see if we have follow-through today.
The market’s been in consolidation mode, and that continued today — except for the typical $AAPL/$AMZN/$GOOGL/$MSFT rally.
$SPY and $QQQ reclaimed their eight-day moving averages.
The most significant transaction on today’s list comes in a 13G filing by Ecor1 Capital.
Ecor1 raised its ownership stake in Zymeworks Inc $ZYME from 11.80% to 19.90%.
From the Desk of Kimmy Sokoloff
As I write, $SPY and $QQQ are below their respective eight-day moving averages.
They could potentially be heading down to their 21-day moving averages, which is roughly 429 on SPY and 354 on QQQ.
From the desk of Steve Strazza @Sstrazza
Welcome to the 2 to 100 Club.
Something we’ve been working on internally is using various bottoms-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.
The Nasdaq pulled in the most today, with $QQQ dropping down to its eight-day moving average.
Now, this is either a bull flag or we’ll head lower.
