Staples Utilities Real Estate Candidates Making Fresh 52-Week Highs
Many of the leaders and 52-week highs over the past couple of weeks hail from the staples, utilities, and real estate sectors. Staples (XLP) and Utilities (XLU) bullish trends are intact, so we assume these stocks will continue to outperform.
Summary
52-Week High Scan – Staples Utilities Real Estate
This scan finds 52-week highs, where candidates are all trading above the 20d. The scan also checks to make sure the 20d is above the 50d. Click to enlarge.
Several candidates have the 20d crossing above the 50d during the recent market plunge. These stocks are of particular interest, as momentum in these individual companies tends to continue. Click to enlarge.
It is important to note if we take any of these positions over the next few days, we will start with a day trade and only swing if the candidate closes at or near the high of the day. Stops will be based on the stocks average true range (ATR) and no more than (-5%) loss allowed.
Futures are gapping higher. We fully expect more volatility and the possibility that the lows may be fleeting. A retest is expected as the indices build a base. The best case for a sustained market rally would be above average volume over the next few days, with quality stocks leading.
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Happy Trading,
Vinny
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