Over the weekend, we highlighted the relative weakness in momentum stocks, which typically lead on the way up and on the way down. $SPY followed on Monday, dropping 1.12% on heavy volume. There were very few breakouts and most of them failed. The market needs its time to consolidate recent gains. The overall uptrend is still intact and the dip will likely be shallow and welcomed as a buying opportunity.
10 new all-time highs among stocks that gained 1% or more: MWIV CACC TAX SBS NATH COR MN GEL LOCK SPB
25 stocks reached new 52-week highs while appreciating 1%+. Some of the notable movers include:
- $HRB is apparently everyone’s new favorite tax stock. Ever since it broke out in December, it has not looked back, leaving $INTU in the dust. A little extended at this point.
- $AMWD (home furnishing), which is an indirect U.S. housing recovery play, cleared new 3yr highs on heavy volume
- Other housing-related stocks also fared well: $AKR (property management), $RDN (property insurance), $COR (REIT), $CPSS (credit svs)
- Another staffing stock broke out to new multi-year high: $CTGX
StockTwits 50 Notables
- As risk appetite fades, momentum stocks continue to get hit. Nine St50 members declined 2% or more: $NXPI $PHM $CRAY $N $CDNS …