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WalMart came out with earnings this morning, and it looks like another record high for this giant retailer, whose value is approaching $300 billion. If you were from an alien world and saw this chart, you would logically conclude that the United States has never had a bear market, not even once. This stock does one thing only: it goes up.
Here are four stocks to watch with strong technical momentum fueled by earnings and other news.
Axsome Therapeutics, Inc. (AXSM) gained 39 cents to $19.54 on Tuesday on 1.4 million shares. The biotech company announced Monday that the FDA granted Breakthrough Therapy Designation for its therapy for major depressive disorder. The stock has been a huge climber this year, starting the year under $3. After flagging in the last week, it looks poised to continue the uptrend, with the next target towards the channel top near $24.
When in Rome, right? So here are a couple of long ideas. First up is American Eagle, which had a breakout above a remarkably clean symmetric triangle pattern.
The risks of chasing hot stocks can be illustrated with this morning’s Exhibit A, which is Xilinx. This is one of those company which I have no idea what it does, but it has a name like a Hollywood film would give to some made-up Silicon Valley corporation as a villain. Anyway:
In the autumn of 2017, just for the hell of it, I decided to put on my bull outfit and choose what I considered were the best patterns for long positions. I then bought a pretend $6,000 of each one of them and left it in my spreadsheet ever since. Here is where the portfolio stands right now (the rows show the symbol, the net dollar change, the net percentage change, and the present value compared to the original $6,000 investment):
