Sell in May and Go Away or are Opportunities Arising?
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I hope you are having a great weekend!
In this post I’ll concisely share my thoughts on the market health and share my top screen results. If you find it useful please make sure you are subscribed!
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Now let’s dive in ↓
Market Action
The QQQ pulled back to the 21 ema after FOMC but finished right near yearly highs by the EOD Friday. It continues to make higher highs and higher lows this year.
The SPY is choppier and weaker but is also above all moving averages. It still has yet to clear recent highs.
The IWO looks to be basing and is potentially putting in a higher low.
Trends ( Based on QQQ)
Shortest - 5 Day SMA - Up - Above barely rising
Short-term - 21ema - Up - Above Rising
Intermediate term - 50sma - Up - Above Rising
Longterm - 200 sma - Up - Above Rising
Group/Themes Action
Looking through my screens I noticed:
Continued strength in Biotech/Pharma
Precious metals strong with gold
Fresh Breakouts in Growth names
Bottom Line
We aren’t out of the woods yet but the market seems to have shaken off the current Fed messaging and is looking forward. It also seems to be ignoring the continued weakness in regional banks.
Some stocks which were leading the way have pulled back/ taken hits such as IOT MAXN. However there continue to be some fresh breakouts and earnings moves such as with SHOP DKNG and UBER
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Screens
Leading Stocks in Leading Groups in Deepvue Screen:
ISEE SMCI BLDR CELH RVMD TMHC TPH PHM TREX KBH LPX SNA SWK DHI MHO MNST CCEP GFI MDC EGO LEN BRO CWST FTDR GT MTH TOL CCS SKY AJG MHK SSRM KOF LGIH RSG NVR UFPI AGI SRCL BRBR MMC AEM AU OR FMX IRDM PEP WPM LKQ ARGX GFL CCOI LOW FNV WM RGLD GOLD HRL AON KO TSN RYAN CLH HD FND FTNT OMC IPG WTW NEM KDP PAAS WMG
Deepvue Universe Top 30 stocks sorted by 1 Month RS Score
BLU CXAI IMGN NNOX TGTX TOP MORF RXDX ARWR STNE XPO ISEE PAGS PCVX SHOP SMCI VKTX XP DKNG MARA RUTH TRTN BILL BLDR RIOT SWAV AXSM CRSP HUBB KRTX
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Have a great weekend!
Richard
Decent action in many individual stocks, but would feel much better if breadth was better across the market.
Back when the S&P 500 traded at this level at the start of February, 80% of stocks were trading above their 50-day MA. Today, that figure is only 42%. Hoping it resolves higher, but cautious on position sizing until it does.
If suitable, can you look at AXON. Thanks
Sell in May and go away might be back in vogue.