Momentum Wrap – Resilient Market

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  • on January 31st, 2013

new highs Jan 31

S & P 500 just closed its best January in 15 years (up 5%). Defensive sectors have been outperforming as of late, but keep in mind that a new month starts tomorrow, and funds are likely to put new money to work. Even the slightest dips are bought. The market is consolidating its gains through time. Corrections are happening via sector rotation. Money does not leave the market; it just flows from one sector to another.

New Highs

43 New all-time highs among stocks that gained 1% or more today: TSCO PFMT RRTS CPRT KEX CAM ABG APO MEOH WLK OCN HFC

138 stocks reached new 52-week highs while appreciating 1%+. Some of the notable movers include:

  • Auto dealership stocks accelerated their uptrends: $CPRT $ABG $SAH

StockTwits 50 Notables

  • Staffing and outsourcing agencies are market’s favorite way to play structural unemployment across the world. $ASGN closed at new all-time highs, two weeks before they report earnings. One of the best performers last year, with a good start in 2013 too.
  • $GNRC shook a bunch of people off at the open, but finished the day very strong. It looks ready to test its all-time highs
  • $XXIA continues to set up above its rising 20dma
  • There must be people still buying watches. $MOV is hovering near all-time highs
  • 3D printing stocks $DDD and $SSYS are find buying interest near their rising 50dmas. They will need time to carve new proper bases.
  • Enterprise software continues to shine. $N beat the consensus estimates and shot up to new all-time highs in the afterhours

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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