9 Stocks Breaking Strongly to New 52 Week Highs Today
As the S&P 500 extends its breakout to new highs – along with the powerful NASDAQ – individual stocks are also strongly breaking to new highs.
Let’s take a quick scan and highlight nine stocks that are breaking powerfully to new 52-week (and in some cases, new all-time) highs right now.
These stocks can form the basis of a watchlist to enter swing-trading or intraday-trading positions.
Using FinViz.com’s screener and charter tool, I scanned for the S&P 500 stocks making new 52-week highs today and ranked them by percentage above the 52-week high.
The chart above shows the Weekly Perspective of these nine candidates while the chart below is the Daily View.
At the moment, thanks to earnings, Home Depot (HD) is the strongest stock in the screen, followed by Monster Beverage (MNST) and Express Scripts (ESRX).
Other strong trending stocks include Lennar Homes (LEN), E*Trade (ETFC), and the CME Group.
While the Weekly Chart provides the foundation for the trend, the Daily Chart highlights today’s breakout:
Home Depot – for example – gapped up on earnings but has traded down during the morning session.
All other stocks in the screen – for now – have been strong all morning.
We use simple screens like this to highlight relative strength, and thus look to join into these movements.
We look to trade aggressive breakouts (see yesterday’s educational post on Breakout Trading Tactics in Apple) or preferably retracements.
If you prefer (as I do) to enter on retracements, you’ll need to tuck these candidates away in a watchlist and then buy shares on the next pullback or retracement as opposed to rushing in to buy shares on today’s breakout opportunity.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade
Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).
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