Momentum Wrap – American Express Hits New 3-year Highs...LinkedIn Demolishes Earnings Estimates

Volatility is notably picking up, which typically occurs near tipping points. With that in mind, it is still a “market of stocks” environment, where breakouts are working and dips are getting bought.

New Highs36 new all-time highs among stocks that gained 1% or more: GEOS VIPS RRTS CZZ PBH MMS PTP ZTS ALDW SNFCA SRCL

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

• The private sector might be deleveraging, but credit card companies keep hitting new news. American Express being the latest example. Everything is cyclical on Wall St, especially sentiment. $AXP

• There were only two Chinese IPOs in U.S. over the past 6 months, which reflects the general sentiment toward those assets – $YY and $VIPS. The latter just cleared new all-time highs and is amont the best performers in the past three months.

• Refiners continue to climb: $ALDW $PSX $TSO

• Other notable breakouts: $SRCL (waste management), $GEOS (technical instruments), $MPWR (semiconductor), $PTP (property insurance), $HBI (‘fruit on the looms’) etc.

StockTwits 50 Notables

• More breakdowns than breakouts. Seven St50 stocks dropped 2% or more: $AKAM $RAX $LNN $JAZZ etc.

• There are always some winners in a “market of stocks” environment. $XXIA, $TYL $IFF cleared new multi-year highs on a monstrous volume.

• $LNKD just demolished earnings estimates and shot 10% higher to $135 in the after-hours, tagging new all-time highs