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Friday, May 24, 2024

Momentum Monday – Make New Watchlists As Leaders Evolve and Change

As a reminder, MarketSurge (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 MarketSurge. 

Welcome back to Momentum Monday!

In today’s episode of Momentum Monday, Ivanhoff and I discuss the following:  

Last week in review

  • Howard’s new regime – time to make new watchlists as plenty of unknown tickers hit all-time highs
  • The materials bull market
  • Looking where others aren’t
  • Business first, earnings matter, sales growth is not everything

Reminder: Riley on my team created the ‘Trends With No Friends’ email which is my go to list every day to track what is working and what is not. You can get it for free here.

In This Episode, We Cover:

  • Last week in review (0:00)
  • Howard’s new regime (5:09)
  • The materials bull market (8:05)
  • Looking where others aren’t (10:35)
  • Business first, earnings matter (15:20)
  • Final fire round (20:20)

Here are Ivanhoff’s thoughts:

Most stocks are still in an uptrend. You still need to play the market smart. When stocks are up a few days in a row and then we have an upside gap, the odds are that this will be used for profit-taking and you might get the proverbial rug-pull if you chase. This is what we saw on Friday morning with the indexes. We saw a similar behavior in many popular stocks that gapped up after strong earnings this quarter – GOOGL, MSFT, to mention just a few.

In the meantime, the dips are getting bought. We are back to the “what’s bad for the economy might be good for the stock market: environment. It seems we have been in that same environment for a long time. It’s almost as if the market likes to play a contrarian role. Unemployment claims came above estimates last week. We saw an initial selloff in the pre-market which was quickly gobbled up to new highs. 

We are in a market of stocks environment. There’s something for both the bulls and the bears. 

Restaurant stocks are having their best period in a long time. One would think that rising minimum wage will impact their profitability but their earnings continue to grow. Look at SG, CMG, CAVA, TXRH, DPZ, WING. They are all extended right now if you are looking for a fresh swing.

After a brief consolidation, gold and gold miners broke out again. Other metal stocks are also looking appealing – FCX and TECK, for example, have built humongous bases.

The semiconductor space remains among the leaders. The biggest chip maker in the world, TSMC reported a 60% year-over-year and 20% month-over-month increase in sales for April. NVDA, QCOM, AVGO, and MU are among the constructively-looking setups in the space.

And here are the charts discussed:

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