Growth Stocks Leading
The technology, consumer discretionary, biotech and healthcare sectors followed through on the recent rally on Monday,with the Nasdaq-100 and growth stocks lead to a higher high.
The Nasdaq-100 and the Invesco (QQQ) Trust led Monday trading with a 2.01% rally ,with many of our positions in leading growth stocks breaking higher.
Monday saw a resumption is accumulation (following a 12 day rally), with Qualcomm (QCOM) rising +4.64%, Microsoft (MSFT) adding 1.79%, with Netflix (NFLX) and Tesla (TSLA) surging +4.83% and 5.61% respectively after Elon Musk disclosed a 9.2% position in Twitter (TWTR). The stock gained 27.12% while adding another 6% in early trading on Tuesday.
The Nasdaq-100 printed a follow-through rally confirmation day in the third week of March. It is up 16.429% from the March pivot low 03/14/2022, outperforming the S&P 500, which is up 11.37% since its pivot low on February 24, 2022.
Cyclicals had a late start with some sectors finding buyers at Monday lows, then pushing higher by the closing bell as breadth improved.
Avis Budget Group (CAR), tacked on +23.16 points, closing higher by +8.89% on Monday. Its RS line printed a higher high of 99, signaling a potential cup and handle breakout this week.
Avis Budget Group (CAR), in its most recent quarter, reported December 2021 earnings of $7.08 per share on revenue of $2.6 billion. The consensus earnings estimate was $6.46 per share on revenue of $2.4 billion. Revenue grew nearly 90% on a year-over-year basis.
The company provides car and truck rentals and ancillary services to businesses and consumers in North America, Europe, Australia, New Zealand and certain other regions.
Earnings are scheduled for May 16.
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Happy Trading,
Vinny
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