Expert technical analysis of financial markets by JC Parets
Both Icahn School of Medicine at Mount Sinai and CMLS Holdings LLC filed Form 4s for a combined amount of $40 million in GeneDx Holdings Corp $WGS.
Activist investor and retail industry entrepreneur Ryan Cohen took a stake in Nordstrom $JWN, sending the stock higher by more than 20% Friday.
From the desk of Steve Strazza @Sstrazza and Alfonso Depablos @AlfCharts
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.
The most significant insider buy on today’s list is a Form 4 filing by Greg Hayes, the CEO of Raytheon Technologies $RTX.
Hayes reported a purchase of roughly $1 million in Phillips 66 $PSX, where he serves as a director.
The largest insider buy on today’s list is a Form 4 filing by Steve Miron, director at Charter Communications $CHTR.
Miron revealed the purchase of $960,875 worth of CHTR shares.
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.
From the Desk of Steve Strazza @Sstrazza
In case I haven’t been obnoxious enough, we are in the early stages of a new bull market.
I cannot be more clear about this. I feel it in my bones.
Today, the Fed had their first meeting of the year, and did exactly what everyone thought they would do. The market flew straight into rally mode as soon as the press conference began. There were no surprises.
This is because, very much unlike 2022, the path of least resistance for risk assets is now higher.
We’re seeing risk-on action characterize the tape on a regular basis.
Breakouts are sticking. The list of new highs is growing longer and longer. Meanwhile, new lows are almost non-existent, and the breakdowns from December have failed and followed through higher.
It’s all bull market stuff.
Along the same lines, we’re seeing more and more stocks offer bullish chart setups that we want to be buying. And we’re entertaining all of them.
It’s time to be aggressive on the long side.
Be sure to check out today’s strategy call. It was a good one, and we brought along a ton of new setups in growth names.
However, in this post, we’ll outline three we didn’t have time to discuss on this week’s call.
This is the video recording of our February 1, 2023, Inside Scoop Weekly Strategy Session.
The largest insider buy on today’s list is a Form 4 filing by Randal Kirk, the executive chairman of Precigen $PGEN.
Kirk revealed the purchase of roughly $20 million of his own stock from him, increasing his ownership stake to 46.2%.
