MarketSmith noted these 6 candidates are breaking out, as breadth improved on Wednesday with strength persisting in growth and value stocks. That said, futures are lower, so wait for conditions to stabilize before considering any new trades today.
Retail home furnishing stocks rose on Wednesday, with (RH), formerly-known as Restoration Hardware reporting better-than-expected revenue and raised its full-year outlook. Earnings rose 285% when it last reported in the first week of June.
Price action is breaking out in above average volume.
In addition, the company is ranked No. 1 in its industry group and sports a 99 composite rating.
Ternium (TX) stock formed a broadening pattern, breaking above a 39.70 buy point this week. The stock slipped in early June and traded below the 50-day line but has since recovered above this important level.
The Luxembourg-based company shows strong year-over-year earnings growth over the past three quarters. The firm went from a loss of 6 cents a share a year ago to a profit of $3.07 in the most recent quarter. Meanwhile, sales gained 43%, reaching $3.249 billion.
Wait for futures to settle this morning.
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Vinny
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