After ending August on a gloomy note the market has started September with a bang after all major indices were up close to 3%. The NASDAQ had a strong accumulation day as tech stocks lead the way while the S&P 500 and Dow both traded about average volume.
So after testing 1040 support three times the S&P 500 today surged higher and closed right at its 50 day moving average. While this is very positive and should lead to atleast some further short term strength it is important to note that volume was not high as it could have been.
With that said though tons of stocks were on the move today with a handful making fresh 52 week highs. For me personally I went from 100% cash to just over 50% long. I took some profits and will look to put more cash to work if the market presents further opportunities.
Below I have featured 25 stocks (1 being the S&P 500) for you to add to your close watch lists or buy if you have not already. If I am missing some big winners please leave a comment below or email me your picks!
S&P 500 (SPX) – Today this index started a fresh rally higher and broke out of this channel. Note though volume was not as high as it could have been. Today’s close was also at the 50 MA resistance.
Chipotle Mexican Grill (CMG) – Huge day today on massive volume. I am in pretty heavy at $145.50 buypoint which was listed here on the site Monday.
Lubrizol (LZ) – Nice breakout today. $96.20 buypoint was featured Monday. Stops at $94 or tighter for now.
Aruba Networks (ARUN) – Decent gap higher today but volume was lower and close was doji. I would consider taking some profits off the table at this time to lock in gains and tightening stops. Original buypoint $17.20.
Netflix (NFLX) – Nice break today out of this channel on huge volume. Worth considering here or after some sideways action.
Deere & Co (DE) – Another nice break today higher for this farm machinery manufacturer. Some better movers out there but till worth considering.
Amazon.com (AMZN) – A nice move today out of this horizontal channel should send shares higher from here as long as market cooperates.
Expedia (EXPE) – This stock still has some notable upside resistance but today was a good start in the right direction.
Jos A Bank Clothiers (JOSB) – Beautiful break today out of this channel on massive volume. If this stock createa nice tight flag it should present another juicy buypoint.
The other 16 stocks you should keep a very close watch on are as follows: CRM, PCLN, EZCH, VMW, CNH, BWLD, ISLN, MTL, RVBD, XTEX, PAY, DISCA, PLCE, SOLR, TSL, SPRD. A lot of these are buyers for most investors so props if you have positions and have maximized with today’s action.
Whether or not this fresh rally gains ground remains to be seen so always be sure to stay frosty out there .