Futures are dramatically higher (+38 handles)this morning and well above the gamma flip point. Dealers will no longer need to hedge their short deltas, rather they can buy the dips again.
Considering the strength in futures this morning, we are watching these stocks from the MarketSmith Growth 250. They are ranked by price percent change, and should continue higher. Previous posts titled “MarketSmith” over the past few trading days should she relative strength as well.
These stocks also saw above average volume during the Wednesday session. DOCS, MRVL in particular saw obvious institutional buying. All five MarketSmith candidates look promising.
Top 5 Candidates – Charts
Marvell Technology (MRVL) showed up on the MarketSmith BlueDot Scan as well. This scan identifies stocks emeging from or about to breakout of a base, with RS line rising to new 52week highs. We’re looking for additional semiconductor stocks to follow through today, like AMD, AVGO, LRCX, and TXN.