Cyber stocks, defense gets a boost and banks ahead of earnings
This week has seen strong follow-through for stocks following last Friday’s pop. Perversely, not only have defense stocks gotten a boost, but this past weekend’s events seem to have finally given Treasuries a bid and greatly reduced the odds of another hike this year.
This week, we’ll look at:
Cyber security stocks
Defense stocks following the recent boost
Banks ahead of earnings season
Why this week’s energy bounce bears watching
Why The Magnificent 7 looks more like The Mixed 7
Cyber stocks were already leading
Hot List stock Crowdstrike continues to soar
Crowdstrike Holdings is up 19% since being added to our Blue Chip Hot List on August 3. The stock is extended at 17% above its 50-DMA, but 52-week absolute and relative highs aren’t something I want to sell.
Palo Alto breaking out of 5-month base
PANW closed at a new all-time high yesterday and has broken out of a 5-month consolidation. Clear leader vs. the broad market as well.
Mind the gap on Akamai
Akamai is up more than 50% from its March lows and riding a clear uptrend line. However, I would note that it is showing a bearish momentum divergence as it approaches a large gap from May of last year. Sellers may be waiting.
Defense stocks boosted by conflict
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