11/23/22TUptrend – S&P500 and DJIA continue powerful rise off recent low. Nasdaqpops up off 11,000 ordinal price.
THE MARKET’s MESSAGE: All indexes above their 50-day lines - a sign of Uptrend optimism. Download this nightly newsletter at www.armchairinvestor.com
Even if you are tired or busy after the Thanksgiving holiday, please take the time to look at my additional notes on this potentialbuy (no recommendations – but worth your look) Catalyst Pharma, CPRX – and alist of stocks IBD has identified as strong performers with strong ratings.
Also see the list of stocks mentioned in recent Big Picture columns with great ratings listed – See these interesting stocks listed near the end of this newsletter.
I hope you had a nice Thanksgiving day. Perhaps you took some time to look at the market. Wednesday was a surprising day. Usually the day before a holiday has light , volume, but we saw the Nasdaq volume grow 5% on Wednesday! That price and volume combination made this Wednesday before Thanksgiving a rare accumulation day indicating institutional buying ofstocks before they left town.
I do expect lighter volume on Friday – but will checkin a few times before the early (1:00 p.m.) market close.
The current Accumulation/Distribution data is EXTRAORDINARY!!!!
I continue to be excited about the rise in the percent of “A” and“B” rated stocks (stocks that are being heavily bought.) :
The “A” and “B” rated stock have risen from 45% to 58% in just 2 weeks showinga very strong market:
The stocks with attractive“A” and “B” ratings rose 58%. That means you could through darts at the current market and probably hit a winning stock (although that is NOT my recommended buy strategy.)
Over the last 20 trading days, only 1 day was a Distribution day of heavy selling that the indexes fell with their volume rising. But notice the 7 Accumulation days – 6 of theme were strong Major Accumulation days and one was a minor accumulation days (with a smaller rise.)
WHAT SHOULD YOU LOOK FOR IN THIS MARKET OVER THE NEXT FEW DAYS?
Here is an update on these stocks mentioned in recent Big Picture columns in www.Investors.com.
Let’s see where these stocks are:
>> Broken out and in BUY range, or
>> Not yet broken out (butclose), or
>> Past the Buy range – moved too fast.
The quick note after each stock is my personal, initial impression of the stock – (no buy or no-buy recommendations.)
· A – 13% below buy point
· ACDC – Out of buy range
· ALGM – 18% below buy point
· ATKE – 4% Below buy point<<<
· CLFD – Broke out Wednesday with good volume, in buy range
· CPA – 11% below buy point (could create earlier buy point with a handle)
· CPRX – Broke out Tuesday with strong volume, in buy range
· EME – 17% above buy point
· HAE – 12% above buy point
· PARR – 23% above buy point
· POST – In buy range
· QSR – 8% above buy range
· SHLS – 8% above buy range
· SMCI – 22% above buy range
· STNG – 21% above buy range
· TGLS – 10% above buy range
· TJX – In buy range
What is my point? You can look at the list of the stocks mentioned in each day’s Big Picture’s stocks lists. It is so fast to review each stock on each daily list (use MarketSmith or the IBD Stock Checkup in Investors.com) that I don’t care if many are not in a buy range today. This is a fast way to find some interesting stocks with most days showing 1 or 2 in the buy range. (You should still do a complete analysis before buying any stock.)
Remember the stock market closes early on Friday ….
THANKSGIVING HOLIDAY STOCK MARKET SCHEDULE: (all in Eastern times)
Wednesday: Usual schedule; Open 9:30 a.m./Close 4:00 p.m.
Thursday (Thanksgiving day):Markets are closed
>>>> Friday (half-day of trading): Open 9:30 a.m. with 1:00 p.m. earlyclose
Do you have some unanswered stock investing questions? Or lessons learned in ’22 you’d like to share withother readers? Send them to: Editor@ArmchairInvestor.com
In case you missed it in Wednesday's newsletter, HERE IS MY SURPRISE FIND –Catalyst Pharma, CPRX I
And look at these increadible ratings - I have never seen a "perfect" set of ratings like Catalyst Pharma has today!
Catalyst announced earning 2 weeks ago (+86%) which gave it the investor interest to form an attractive handle on a very pleasant cup and then breakout Wednesday on volume that is 104% above average. I’ve included a daily chart above with its MarketSmith perfect ratings next to it. (Did I say perfect??? Yes.)
The only concern I have is, “What will it open at Friday?” It could skyrocket. It will be fun to dream about it tonight.