Let’s not sugarcoat it. The market is in a correction mode. Risk appetite is fading. Preservation of capital is a priority..
There haven’t been many stocks on the 52-week high list lately. You could see mostly defensive stocks with immediate catalysts like Pepsi ($PEP) and Verizon ($VZ), which beat their analysts’ estimates. Or, stocks like Tesla Motors ($TSLA) with an enormously high short interest (43%), which could be a huge asset in both, ‘risk-off’ and ‘risk-on’ environment.
Natural gas continues to go in the opposite direction of all other commodities and it hit another 52-week high today.
With Tesla, natural gas and First Solar trading near 52-week highs in such a crappy tape, either the clean energy trend is back in full force or (which is more likely), they are on the other side of a massive short covering trade.
13 new all-time highs among stocks that gained 1% or more: TTPH UNP TSLA CLVS HGSH BRFS ACHC …
24 stocks reached new 52-week highs while appreciating 1%+ today: CLDX PEP VZ UGP COR …
Stocktwits 50 Highlights
It was a mostly red day with quite a few breakdowns. Two stocks stood tall above the rest: $ACHC (healthcare svs) cleared new 16yr highs. $GWRE gained 2%+ on heavy volume. While $ACHC has been trending for awhile, $GWRE is a relatively recent IPO, which is showing some potential of becoming one of 2013’s market leaders.