Momentum Wrap – Refiners Shine Again

new highs Jan 29

New Highs

70 new all-time highs among stocks that gained 1% or more today: CP PSX TUP GGG DK MPC HFC JJSF CZZ STZ

163 stocks reached new 52-week highs while appreciating 1%+. Some of the notable movers include:

  • Refiners followed up on yesterday’s strong session after impressive earnings from Valero ($VLO).  Strength begets more strength. More than 10 breakouts to new multi-year highs: $HFC $TSO $MUR $DK $ALJ etc.
  • Healthcare  is still a leading sector. Big pharma ($LLY $PFE $JNJ) are breaking out. Other defensive assets (utilities) are also outperforming the general market.  A sign of caution or just another sector rotation within a bull market. History suggest the former.
  • Southeast Asia is the new China. Capital is flowing where cost of manufacturing is cheaper and market is discounting it by bidding up local markets. New 52wk highs for Thailand, Vietnam, Philippines – $THD $VNM $EPHE
  • Also strong: building materials – $CX $TREX $MLM , railroads – $CP $ARII, property insurers – $SIGI $RNR

StockTwits 50 Notables

  • The deterioration in the momentum universe continues. Another 8 St50 stocks dropped 2% or more today: $RAX $N $CVLT $MDVN $GNMK $SWI $NXPI $KLIC
  • New multi-year highs: $FNGN (extended), $MTZ, $GPOR, $AKR
  • $FHCO keeps climbing higher on above its average volume
  • $CERN and $GNRC are setting up again