The top 5 stocks for today include 3 stocks traded in the room this week, all of which populate the PHOD scans over the past 5 trading days. In addition, an increasing number of stocks are finding their way on to this scan. That’s bullish.
Summary
Top 5 – PHOD Scan
This scan focuses on stocks that close above the previous high of the day and seeks stocks closing in the upper half of its daily trading range. These conditions are precursors for bullish “follow through” days.
DOMO was mentioned in the trading room recently as a potential long. Some members are already in this technology/software stock.
MACD will turn as a function of price. RSI is above 50 and rising.
Stocks – New Highs vs. New Lows
New highs are confirming our bullish positioning, as Thursday’s peak took out previous levels not seen since late 2017. Note the new highs continued for an additional 60 days, rising into the January 2018 peak.
If this continues, much will be said about stocks being exhausted or overbought. We would suggest traders follow price action, not financial media opinions.
“Sell in May and Go Away”
While this isn’t a guarantee, prospects do look bullish into the May time frame. Watch JNK and NYAD for clues.
Junk bonds (JNK) are telling us to remain bullish.
News
Disney streaming news has (DIS) trading +5.83% and (NFLX) trading (-1.78%). The latter has earnings next week. Watch these two today.
Chevron (CVX) is buying Anadarko Petroleum (APC) for $33 billion. The stock is up (31.50%) in early trading.
J.P. Morgan (JPM) beats. (+2.84%) in early trading.
Join us today in the trading room for our LIVESTREAM broadcast during market hours, as we trade DOMO and other new positions. Watch, listen and trade from 9:20 AM to 4:15 PM Monday through Friday.
Happy Trading,
Vinny
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Live broadcasts are educational in their content. Proper risk management is considered on every trade or asset mentioned.
*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
As always, the use of technical and fundamental analysis is encouraged in order to fine tune entry and exit points to average seasonal trends.
These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.