Stocks bolted decisively above resistance, with 234 stocks higher today on above average volume. The Nasdaq composite led the stock market higher, closing with strong gains during the last 90 minutes of the Thursday session. Of the stocks higher today, many were from the semiconductor and technology laden Nasdaq. We look for this action to continue after the Fed Chairman’s commentary.
Our attention shifts to Federal Reserve Chairman Jerome Powell’s speech at 10AM Friday morning.
“A number of Fed participants have recently pointed to that era with some level of caution, usually to emphasize their preference to avoid a ‘stop and go’ tightening path,” – Nomura
Stocks Higher Today – Highpeak Energy
Highpeak Energy (HPK) is a Fort Worth, Tx. based energy company engaged in the acquisition, development and production of oil, natural gas, and NGL reserves. Highpeak stands out amongst the multitude of bullish candidates and stocks higher today on above average volume.
The company earnings are increasing at a rapid pace, as noted in the left side panel in the MarketSmith chart below. 2022 year over year earnings are projected to increase +515% with 2023 earnings increasing to an estimated $7.26/share or another 119%. Click chart to enlarge.