A bunch of stocks from various industries are gracing the all-time high list. I guess this should not be surprising, given that $SPY is having its second best month in the recorded history. All major indexes are positive for the year, so performance anxiety might be a major decision making factor for many institutions for the rest of the year.
One of the main characteristics of market uptrends is that they provide more long setups that any human being is physically able to watch or take. Filtering and focusing on the ideas with the highest potential for growth is of utmost importance.
Chasing extended names is never smart from an opportunity cost perspective. Therefore I like to filter new breakouts based on 3 month performance and float. The existence of an immediate catalyst is also a big plus. Here is a list of today’s breakouts to new all-time high that make me the most impression technically:
Mortgage Investment
Business Software
Oil and Gas
Generic Drugs
Application Software
Biotech
