Nasdaq has strung together 9 consecutive higher closes, as it trades at All TIme Highs. With futures pointing to higher levels, we need to start thinking about the next pivot high. To piut it another way, entries today are considered more riskly. That said, let’s look at some potential winning stock picks from the IBD50.
Taiwan Semiconductor
Semiconductors have improved over the past few days, so TSM may bolt higher out of this double top today. MACD and RSI suggest higher. Earnings are way off in October.
The 60-minute chart looks ready to follow through as well.
Fox Factory Holding
FOXF is breaking out. We are looking for momentum to continue, as the stock reports earnings the first week of August. In addition, the company has been reporting earnings beats each of the past 3 quarters, with the recent report beating by 29.63%. Expect good things from this candidate.
ATVI and TTMI were mentioned the past two days. We are looking for ATVI to pop soon and for TTMI to flag and break higher.
We are also considering adding to AMD, DIS, MOMO and ICHR today, if the current momentum continues. With futures higher so far this morning, this seems likely.
We’ll see you LIVE around 9:20AM this morning.
Happy Thursday,
Vinny