Today was a 2% up day for the market clothed in a .5% gain. The heavily shorted names led the way with some energy sector names rallying another 10%+ on top of yesterdays strong gains.
A stock like $CRR is soaring, but still has a long way to go to even think about recovering the losses from record highs.
In The OM.COM FORUM: Today's Market Scans
$NFLX was busy rocketing higher after reporting earnings after the bell. The stock is up to a new all time high. Last weeks call buyers are going to be sitting on even bigger profits at the open tomorrow.
The week ends with more earnings. Here is where I think $AXP is headed post earnings on Thursday.
How bout some Yandex! JB was all over the name at $14. Today it is over $20.
Leading gains this lovely Wednesday April 15th were solar, energy, financial, and 3d stocks. $GS broke over $200. $JPM hit another new all time record. The VIX was clubbed lower. Bonds were flat. The US Dollar pulled back.... and stocks melted higher the whole day long.
$SCTY respected support and has rallied ever since. Here is a video I did covering the stock recently as well as a chart showing support holds over the last few years:
$DDD also hung in at support and has started to rally. I think $DDD could see significant upside from here, even those its already up some 15% since the move off support. This is a recent video I did on $DDD as well as the supporting chart.
$GPRO is now over that key $45 level I highlighted recently. It's been a great move thus far.
Here is my $GPRO video from last month. and one chart I shared.
I think this stock has a lot more room to go.
Bonds remain at long term resistance ready to break either way. $GOOGL remains weak and looks to be headed lower into next weeks earnings report. $AAPL is still poised to break to new record highs.
This market looks like it wants to go even higher into weeks end. The fuel could be some of today's laggards, including $AAPL, $FB, and $AZMN. I'll be looking for calls in these names tomorrow.
My chart from last week still holds true today and there is no need to update it even though the price is higher.
How about $FCX, with a sharp two day rally. The stock is still down big from last summer, but it will be interesting to see just how far this rally takes the stock. I'm still not sold on $FCX as a long term trade. I think its broken.
$Z is trying to get back above support. It's going to take a few more days like today to do it. Look at the record volume yesterday. If you have never seen CAPTITULATION before... there it is. The sellers are waving the flag.
$AAPL broadening descending wedge
$GOOGL fail at $550
and the $VIX, taking it on the chin yet again. It is nearing support and should that break the 10 level is calling its name.
Conclusion:
This story ends like all the other recent market caps I have written. Stocks remain the place to be, whether its here in the US, China, Europe, Japan... stocks are soaring and I don't think we've neared a top quite yet. Ask me again in 2022.
Tune in tomorrow morning for the market minute, the watchlist, the morning market video, the morning reads, live audio in the chat room, real time trades and analysis. at om.com.
Have a great night.