The Top 10 stocks herein are from the weekly watchlist. Ranked by performance, we see strength in industrials, materials, financials (banks, bitcoin, asset managers), discretionary and healthcare stocks. Many of these stocks were trading below support to start the week. Midweek these stocks are trading above the 50d on above average volume.
Top 10 – Watchlist
Postions are ranked by performance top to bottom. The main observation is stocks from the cyclical industries are performing as institutions buy many of them below the 50d. We talked about Caterpillar (CAT) and banks as an example yesterday. Click any of the links to open in Stockcharts.
| ETHE | ETHE – Grayscale Ethereum Trust | 31.17 | 1.59 | 5.37 | 6072550 | |
| ARCB | ARCB – ArcBest Corp. | Industrial | 69.24 | 2.65 | 3.98 | 267534 |
| LAC | LAC – Lithium Americas Corp. | Materials | 17.70 | 0.52 | 3.03 | 12071905 |
| SPLK | SPLK – Splunk Inc. | Technology | 145.47 | 4.16 | 2.94 | 2658214 |
| TMST | TMST – Timken Steel Corp. | Materials | 17.33 | 0.45 | 2.67 | 1319299 |
| M | M – Macy’s Inc. | Discretionary | 19.81 | 0.47 | 2.43 | 10299085 |
| PACW | PACW – PacWest Bancorp | Financial | 43.12 | 0.97 | 2.30 | 453659 |
| MD | MD – Mednax, Inc. | Health Care | 33.79 | 0.67 | 2.02 | 492865 |
| ZION | ZION – Zions Bancorp | Financial | 55.96 | 1.02 | 1.86 | 1240769 |
| KBWB | KBWB – Invesco KBW Bank ETF | 67.70 | 1.22 | 1.84 | 8071109 |
Bitcoin Stocks?
Bitcoin and blockchain related stocks have been on fire lately.
Coinbase (COIN) reported earnings 2nd Quarter June 2021 earnings of $6.42 per share on revenue of $2.2 billion. The consensus earnings estimate was $2.49 per share on revenue of $1.7 billion. The Earnings Whisper number was $2.40 per share.
Thats a beat of nearly $4.00. And, the company has 68 million verfied users, with tranacting users up 44% for the quarter. We would expect similar action in GBTC, ETHE, RIOT, MARA over the next couple of weeks. Make sure to confirm with volume.
We’d wait for a flag or small pullback over the next few days for new entries, as Coinbase is a bit extended at this time.
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Happy Trading,
Vinny
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