The stocks herein are from the MarketSmith Growth 250. They have been ranked by relative performance, exhibiting strength as the indices faded the morning highs yesterday. Aerospace, hotels, casinos, metals and mining stocks also saw inflows on Monday to start the week. We’ll look for these groups to continue.
Futures are green this morning.
MarketSmith Growth 250
Covenant Logis Group (CVLG)
Covenant (CVLG) saw its IBD SmartSelect Composite Rating jump to 95 Monday, up from 92 last Friday.
The revised score means the stock currently tops 95% of all other stocks in terms of key performance metrics and technical strength. History shows the top market performers tend to have a 95 or higher score as they launch their major moves.
Covenant (CVLG) shows an Accumulation/Distribution Rating of A+ which indicates heavy buying by institutional investors, such as mutual funds and pension funds, over the last 13 weeks. The RS line is at new highs, a postive sign.
In addition, the company holds the No. 2 rank among its peers in the Transportation-Truck industry group. Arcbest (ARCB) is the top-ranked stock within the group.
Earnings are in 8 days, so this would be a short term trade.
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Happy Trading,
Vinny
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