We love our bottoms-up scans here at All Star Charts. We tend to get really creative when making new universes as we want to be sure they will deliver us the best opportunities the market has to offer.
However, when it comes to this one, it couldn't be any simpler!
With the goal of finding more bullish setups, we have decided to expand one of our favorite scans and broaden our regular coverage of the largest US stocks.
Welcome to The Junior Hall of Famers.
This scan is composed of the next 150 largest stocks by market cap, those that come after the top 150 and are thus covered by the Hall of Famers universe. Many of these names will someday graduate and join our original Hall Of Famers list. The idea here is to catch these big trends as early on as possible.
There is no need to overcomplicate things. Market cap is a quality filter at the end of the day. It only grows if price is rising. That's good enough for us.
If you're like me and you have a bullish long-term bias towards Bitcoin and other Crypto assets, then you're constantly looking for opportunities to get exposure.
But with equities in the middle of a bull market, we also don't want to be in something that isn't moving.
This is the time to make money. So we want to make sure we're in the things that can make us money NOW, not "one day hopefully in the future..."
Take a look at the price of Bitcoin still working on completing this multi-year base.
Welcome back to Under the Hood, where we'll cover all the action for the two weeks ended August 16, 2024. This report is published bi-weekly, in rotation with The Minor Leaguers.
What we do here is analyze the most popular stocks during the week and find opportunities to either join in and ride these momentum names higher, or fade the crowd and bet against them.
We use a variety of sources to generate the list of most popular names.
There are so many new data sources available that all we need to do is organize and curate them in a way that shows us exactly what we want: a list of stocks that are seeing an unusual increase in investor interest.
New all-time highs and fresh breakouts are dotting the charts. Buy signals are flashing left and right. And even the laggards – Palladium and Platinum – are refusing to break down.
Best of all, Gold has a one-track mind: up and to the right!
In today's Flow Show, Steve Strazza and I assess the current market environment, post- whatever the hell we're calling what happened a couple weeks ago (Volmageddon 2?, Yen YoYo? The Carry Drop?).
It feels more and more like that was merely a footnote to an otherwise pretty robust bull market. We'll see.
Regardless, we're looking for bullish setups in this tape and an online retailer out of South Korea has our attention.