Momentum Wrap – Tesla, Salesforce and LinkedIn Close At All-Time Highs

New Highs41 new all-time highs among stocks that gained 1% or more today: CVI LAD PBH SRC TRS SNTA CRM LNKD CRPT TAL

121 new 52-week highs among stocks that appreciated 1% or more. Some of the notable movers include:

• Highly-shorted names continue to squeeze higher. One of the unwritten market laws says that all shorts must be squeezed, before the tide turns down. $TSLA, $LNKD, $CRM are among those with elevated short interest

• Refiners ($CVI, $VLO, $XTXI, $TSO), auto dealers ($LAD $CPRT), regional banks ($HAFC, $COBZ, $PSTB) keep going higher

• Recent IPO issues are still hot: $CHUY (restaurant), $PBF (refining), $LOCK (internet svs)

StockTwits 50 Notables

• Notable selling pressure (profit taking) among a bunch of momentum leaders. Historically, it has been a good indicator of a potential market correction on the way. Eight St50 stocks dropped 2% or more: $DDD $SSYS $TASR $CVLT $PHM $LEN $V $FEIC

• New multi-year highs: $LNKD $CRM $NXPI

• $XXIA managed to find buyers near its rising 20dma and it is setting up again

• Other stocks that are setting up for potentially higher prices: $RNF $GPOR $FHCO …