Momentum Wrap – Healthcare, Beer and Tobacco Stocks Make New Highs

New Highs

48 new all-time highs among stocks that gained 1% or more: DVA HGSH ADUS CLVS GNMK ACT GSJK FMX PRXL TMO AMGN STZ

114 stocks reached new 52-week highs while appreciating 1%+ today. Some of the notable movers include:The search for yield continues to drive investors’ decision making and hence healthcare and consumer staples stocks to outperform.This is nothing new. $XLP and $XLV have been leading since 2009. This week we are seeing an acceleration in more of the same. Drugs ($ASTX, NBIX), tobacco ($PM, $MO) and alcohol stocks ($FMX, $STZ) simultaniously hit new multi-year highs today – a match made in heaven. Oh, and McDonald’s ($MCD) is also there. Who says that the market doesn’t make sense?

StockTwits 50 Highlights

• The risk-off process that started yesterday is stil under way. Momentum stocks and small caps continue to deteriorate. There are no refiners on the St50 list any more, but it is worth noting that they were notable leaders and the past 6-month rally and they were just smoked today.

• The number of failed breakouts is rising too. $OPEN cleared new 52-week highs this morning only to crater later in the day. Many others acted in a similar manner.

• Notable relative strength in $SBUX, $RUTH and $ADBE