Momentum Wrap – Bank of America and Citigroup Clear New 52-week Highs

• Posted by ivanhoff
• on February 12th, 2013

The tremendous strength in the market continues as sector rotation is helping stocks with good bases to break out.

New Highs

45 new all-time highs among stocks that gained 1% or more: KORS SCTY EAC TLP FRGY NCLH MOV POWL FBHC CR LPDX

155 new 52-week highs among stocks that appreciated 1%+. Some of the notable movers include:

• After a month or so side-ways consolidation, big banks are breaking out again. $C $BAC

• Momentum is back in homebuilders. Buyers stepped up near their rising 50dma with gusto. Multiple 4%+ moves today: $KBH $RYL $PHM

• Solar stocks are trading like it is 2007 all over again. A bunch of new highs in the group in  anticipation of a green friendly State of the Union Speech from President Obama: $SPWR $SCTY $TAN

• The ultimate “aging America” plays reminded of themselves, clearing blue sky: $FVE $BKD $ESC

• $YHOO and $AOL are trading like it is 1998. New multi-year highs for them

• Other notable breakouts: $SUP (auto parts), $FRGY (restaurant), $KKD (donuts), $ACAS (asset management), $SMTC (semiconductor)

StockTwits 50 Notables

• $KORS did it again. New all-time highs after exceeding Wall Street expectations. One of the most successful retail IPO in recent market history. Up 160% since its public debute in December 2011

• In sympathy with Michael Kors, $MOV also clear new all-time highs from a decent short-term base.

• $XXIA  is knocking on the 10yr high door

• Homebuilders $PHM and $LEN bounced near their 50dmas

• Relative weakness in 3D printing stocks $DDD and $SSYS

• $RAX fell 7% in the afterhours on a negative earnings surprise

The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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