Momentum stocks started breaking out yesterday, only to be followed by all major indexes today. The result – a wide-spread, all-encompassing rally. Divergencies abound, but they don’t matter until they do. As the saying goes, in bull markets bad news is ignored and price action is the good news.
119 new all-time highs among stocks that gained 1% or more: SNTS PCRX SSNC EOPN GTLS INXN PZZA FANG EPAM EVER …
123 new 52-week highs among stocks that appreciated 2% or more. Some of the notable movers include:
- Fast food restaurants continue to populate the new highs list: $SONC $KKD $DPZ etc….On a side note, all organic and gluten-free plays that shined in 2011 and 2012 ($WFM $TFM $BDBD) are underperforming in 2013.
- Ever since rental and leasing svs stocks broke out to new highs in the end of December, they haven’t looked back: $HTZ $CAR $FLY
StockTwits 50 Highlights
- Another strong day for momentum stocks. 16 of the St50 gained 2% or more for the day. The biggest gainers: $EOPN (software), $ASGN (staffing agency), $EVER (bank), $PRLB (3D printing), $QIHU (Chinese search engine)