Good morning,
One of Warren Buffett's most famous quotes is: “Only when the tide goes out do you learn who has been swimming naked.”
Obviously, we aren’t as concerned with company fundamentals as Uncle Warren but I think the same principles apply to technicals in a correction.
Sure, some stocks will go down less than the index and that’s technically relative strength. But what really stands out is when a stock is outright moving higher in the midst of a market panic.
Today, I’ll highlight four stocks that have made 52-week highs this week, demonstrating not just relative strength, but the potential for absolute gains.
We’ll also review:
Important growth stocks
Equities on the BTI Blue Chip Hot List
and more!
4 stocks making 52-week highs this week
AEM: Agnico Eagle Mines
We’ve looked at AEM a lot this year and the stock hit a new all-time high yesterday. This is a big base breakout and one thing I like (and highlighted in Tuesday’s Overtime report) is that even though inflows into gold ETFs have spiked, the gold miners are outright hated.
CME: CME Group
Volatility is good for business at CME and the stock is trying to break out of a 3-year base this week. The stock pulled back to the breakout point and 21-DMA yesterday, potentially offering an attractive entry point.
CNP: Centerpoint Energy
CNP broke out from a 2-year downtrend line back in November and hasn’t looked back. I like this relative leader long against the $33 level.
COR: Cencora
COR was highlighted as a stock on my watch list (that just missed the Blue Chip Hot List) last week and the stock still acts well. It hit a 52-week high on Tuesday but has pulled back since. $238 would be my stop.
Important growth stock charts
Tesla’s 3-month decline is extreme
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