Hello and welcome to another issue of 🕵 The Seeker 🕵
Due to a plethora of events, this weekend’s edition is going to get right to the point. There was no shortage of excitement this week. Small cap value, meme stocks, and even volatility(!) were working; albeit if only in the last minutes Friday, as some participants were de-risking before the long 4th of July weekend. Following the holiday, markets typically remain seasonally strong heading into earnings, and there are some compelling sectors and charts out there. One should also be aware which counterparts are already sitting on yearly gains already at the half-way mark. It would therefore come as no surprise if profit-takers were also selling into liquidity in the days and weeks to come (or maybe it has already begun re: weekly trend signals, weakness in copper, and big end of quarter June rebalancing).
Then let’s get on with it! We’ll be back with another complete edition next week.
Big moves drawing attention from the last three trading days
One stock passing a quality earnings scan and now perking up is JBI 0.00%↑. Make particular note of the strong volume entering on the weekly chart and the cross well into relative strength outperformance territory. A little more data on it’s current trend would be better, but at the moment it’s possible to assume a new pattern of higher highs and lower lows for the stock.
Banks have not been a particular bright spot in 2023, but one name looking kind of interesting is BCS 0.00%↑. There is no denying that it’s been a leader relative to it’s peers, and seeing the potential that it showed from August to February, this could be a name to watch if/after a stable rates regime settles into place.
With many automakers reporting solid deliveries this weekend, and auto stocks in favor generally, it might be the time to look for maximum beta. FSR 0.00%↑ has recently started making it’s first deliveries to US and the price looks to be at a good risk-reward level.
Last up: LCUT 0.00%↑
By the looks of it many have been hurt by this falling knife. However, we see that price this week reacted positively to recent heavy volume. This is one therefore to put on the watchlist as there is at least good distance upwards to pre-pandemic levels.
…Bonus Chart
Semis this week look to be in a health consolidation place. A check-up on TSM 0.00%↑ (an early earnings reporter) seems to be confirming this. What is to be watched now is if can maintain RSI>40 as typical of a bull trend, and if it can withstand a dip below important previous breakout levels.
Wisdom of Crowds
Macro conditions
*Back with an extended edition next week. Thanks for reading. Good trading and stay risk adverse!
😎 Cheers! 😎
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