The Top Ten Stocks Breaking with the Market to New Highs

Jul 11, 2016: 11:09 AM CST

We believe you should focus your swing trades (and longer-term investments) in “strong stocks getting stronger” as opposed to finding weak stocks that may hopefully one day reverse.

Find what’s strong, jump in, and profit from the trend and relative strength.

With the S&P 500 breaking through to fresh new all-time highs this morning, seventy-nine stocks in the index joined the market by making new 52-week highs, and in many cases, new all-time highs along with the market.

Let’s do a quick scan and pinpoint the Top Ten S&P 500 Stocks breaking to new highs right now:

This simple scan from ranks the stocks in the S&P 500 by distance above the 52-week high.

For example, NVIDIA (NVDA) is 2.45% above its 52-week high right now which Coach (COH) is 1.04% above it.

I’m also showing the Beta value (volatility), Average True Range (another measure of volatility), distance (percent) above the 200 day Simple Moving Average (NVDA is 54.32% above its 200 day SMA), and distance above the 52 week low.

Take a moment to view these symbols (stocks) in your chart platform and you’ll see uptrending beauties like this:

NVIDIA (NVDA) tops the list thanks to its five strong bullish trend days as seen above.

We’re seeing similar upside action like that in May as the uptrend continues and this “strong stock gets stronger.”

Here are six other quick Daily Charts of our leading names right now:

Again, simple stock scans like this give you a list of names that may not otherwise appear on complex scans.

The idea is to find (determine) what is strong (relative strength) and then trade retracements or breakouts as the trend continues and the stock strengthens.

Stocks under accumulation (which appear on the chart as bullish uptrends like these) are strong for a reason and odds tend to favor continuation of the trend as opposed to reversal.

Fight the temptation to find weak/cheap stocks and buy them hoping for a reversal; instead, find what’s strong and go with the tide of money flow.

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Corey Rosenbloom, CMT

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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).


2 Responses to “The Top Ten Stocks Breaking with the Market to New Highs”

  1. Focus on Strong Stocks Getting Stronger - Says:

    […] By Corey Rosenbloom […]

  2. Strong Stock YUM Brands Breaks to New Highs | Afraid to Blog Says:

    […] a look at this week’s post on the “Top Ten Stocks Breaking to New 52-Week Highs” for more […]