Momentum Monday – The Perfect Storm?
Courtesy of Howard Lindzon
Happy Tuesday.
A rare Momentum Monday here on Tuesday due to Labor Day and the markets being closed.
As always, Ivanhoff and I tour the markets looking for the momentum. My dog Lindzee joined for the open. Not much has changed in the last few weeks, we continue to see strong tech and semi’s and financials and crypto, but we did see some fresh breakouts in software stocks and we went through that in the video. You can watch the show right here on YouTube. I have also embedded the show here on the blog:
The summer is over, but the crypto summer rages on with Solana up another 100 or so percent last week. I try and explain what I am seeing and hearing about the incredible run in the episode.
Here are Ivanhoff’s notes:
Most of last week’s price action can be summarized in one sentence: tech stocks continue to outperform the rest of the market while cryptos are outperforming the tech sector.
Semis are hovering near all-time highs – SMH, NVDA. AMD, AMAT, and LRCX are setting up for a potential breakout.
Software stocks have been extremely strong – not only cybersecurity but also application and infrastructure software names – IGV, SKYY, ZS, OKTA, S, NET, MDB, WDAY, TEAM, U, SNOW, CRWD, BILL, SHOP, LSPD, etc.
The payment stocks – PYPL and SQ are both working on new bases. PYPL seems ready to close its earnings gap and push towards 300. SQ is setting up for a breakout near 275.
Covid-related stocks are perking up again. The mRNA vaccines – MRNA and BNTX finished on a high note last Friday. The testing stocks like DGX, TMO, HOLX, QDEL, have been slowly climbing as well. Health pass stock YOU is also setting up for a potential bounce.
Elsewhere in the world of Momentum…
Stocktwits FREE weekly momentum lists are here. The small caps continue to have the huge yearly winners with some staggering YTD returns:
Something new from Stocktwits is a daily FREE morning email on the Indian markets. The team now has streams and conversations on Stocktwits for Indian stocks. The morning email is a great, quick read that will have you caught up on the pulse of the Indian markets. It’s fun to know what is working on the other side of the world.
Have a great week.
Disclaimer: All information provided is for educational purposes only and does not constitute investment, legal or tax advice, or an offer to buy or sell any security. For full disclosures, click here.
As a reminder, Marketsmith (by Investor’s Business Daily) is now a sponsor of the weekly show. All the charts you have been seeing in the videos and will continue to see are from Marketsmith.
