Past week recap: After recent short-term market moves of down-up-down-up, last week was disappointingly – but unsurprisingly – another down, continuing the weekly whip-saw action that began in February. This time, institutional investors sold on word of proposed tariffs on China (as punishment for intellectual property theft) which could evolve into a larger trade war (leading to rising prices and slowing economy). So, institutional sentiment continues to change by the week, causing stock prices to be very choppy in the near-term without having changed much from seven weeks ago.
Investors are expecting another rate hike by the Fed this coming week.
For all the choppiness in the market, most of our stocks were rather quiet last week. Still saw a number of long positions rise, including a doubling in BXC, already a large gainer, now the largest gainer this year among all Levels. Most stocks – long and short – still oscillating around a median price, so fewer new weekly highs/lows and few trades this week, and many positions so recent that significant gains have yet to materialize.
Still awaiting a period where investor sentiment remains intact for months, which will once again populate our stock list with the large number of good gainers we are accustomed to.
Highlights: 4 new weekly highs in long positions. 7 stocks with double-digit long gains:
- EVTC +23%
- FTK +30%
- URBN +66%
- BXC +288%
- LPSN +26%
- LQDT +23%
- PES +26%
1 new weekly low among short positions. 2 stocks with double-digit short gains:
- BZH +10%
- SGU +10%