Momentum Wrap – The Dip Didn’t Last Long. 71 New All-Time Highs

That dip didn’t last long as anxious buyers did not wait long to jump back in. A lot of new highs from various industries. Volatility is rising, but it is still a “market of stocks” environment that provides good opportunities for both longs and shorts.

New Highs

71 all-time highs among stocks that gained 1% or more: VMED BCEI CHTR MNTX SNFCA EL ABG RBC ETN DK

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

• Many of yesterday’s breakouts, followed through today. A good reminded to pay special attention to the ‘new highs lists on bid red days for the general market: $AMWD (furniture) and $CPSS (credit svs), highlighted yesterday, were among the biggest gainers today.

• It is still a refiners’ world as the whole group keeps going up every day:$DK $PBF $TSO etc.

• Other oil&gas stocks are also perking up. $BCEI and $PDCE broke out.

• The industrial electrical equipment industry is on fire: $RBC $ETN

• Cable channel stocks are trading like the TV was just invented. Many of them are up 40-50% in the past quarter. A bunch of new highs today: $TVL $SBGI $NXST

StockTwits 50 Notables

• It was a 90% green day for the St50 list. The biggest gainers: $ARMH (smart chips designer), $DDD (the next big thing – 3D printing), $GNRC (power generators), $POL (specialty chemicals)

• $JAZZ, $TSM, $CTRX and $XXIA are setting up near multi-year highs

• $KORS tested its rising 50dma and bounced on a huge volume