In today’s Daily Digest, we’ll review the following:

1. No new positions today.
2. Adjustment to IBB position.
3. No exits since the last report.
4. Current status of open campaigns.

Let’s dig in!

From the Desk of Steve Strazza @Sstrazza

When investing in the stock market, we always want to approach it as "a market of stocks."

Regardless of the environment, there are always stocks showing leadership and trending higher.

We may have to look harder to identify them depending on current market conditions. But there are always stocks that are going up.

The same can be said for weak stocks. Regardless of the environment, there are always stocks that are going down, too. 

We already have multiple scans focusing on stocks making all-time highs, such as Hall of Famers, Minor Leaguers, and the 2 to 100 Club.

We filter these universes for stocks that exhibit the best momentum and relative strength characteristics. 

Clearly, we spend a lot of time identifying and writing about leading stocks every week via multiple reports.

But, we also highlight lagging stocks on a recurring basis.

Welcome to the Short Report.

From the Desk of Steve Strazza @Sstrazza

We love our bottoms-up scans here at All Star Charts. We tend to get really creative when making new universes as we want to be sure they will deliver us the best opportunities the market has to offer.

However, when it comes to this one, it couldn't be any simpler!

With the goal of finding more bullish setups, we have decided to expand one of our favorite scans and broaden our regular coverage of the largest US stocks.

Welcome to The Junior Hall of Famers.

This scan is composed of the next 150 largest stocks by market cap, those that come after the top 150 and are thus covered by the Hall of Famers universe. Many of these names will someday graduate and join our original Hall Of Famers list. The idea here is to catch these big trends as early on as possible.

There is no need to overcomplicate things. Market cap is a quality filter at the end of the day. It only grows if price is rising. That's good enough for us.

The All Star Charts analyst team continues to believe that the industrial sector will be one of the leading areas to lift the market higher as sector rotation works its magic to keep this bull market going.

And the chart of Caterpillar $CAT looks like a potential failed top in the making:

If we're right, $CAT could quickly recapture all-time highs north of $382 per share and then the sky's the limit from there.

In today’s Daily Digest, we’ll review the following:

1. No new positions today.
2. Adjustment to GDXJ position.
3. No exits since the last report.
4. Current status of open campaigns.

Let’s dig in!

From the Desk of Steve Strazza @Sstrazza.

Welcome back to Under the Hood, where we'll cover all the action for the two weeks ended July 7, 2024. This report is published bi-weekly, in rotation with The Minor Leaguers.

What we do here is analyze the most popular stocks during the week and find opportunities to either join in and ride these momentum names higher, or fade the crowd and bet against them.

We use a variety of sources to generate the list of most popular names.

There are so many new data sources available that all we need to do is organize and curate them in a way that shows us exactly what we want: a list of stocks that are seeing an unusual increase in investor interest.

Have you heard that this bull market is only being driven by Large-cap Tech?

Well, what if Small-cap Tech broke out of this multi-year base to new all-time highs?

What then?

Would it still be just Large-cap Tech?

Here's what the index looks like and, by definition, it excludes any of the so called "Mag7" and any other Mega-cap stocks that are perhaps helping to drive other indexes.

From the Desk of Ian Culley @IanCulley

The talking heads are forecasting choppy market conditions and a significant correction for Q3.

News flash: The market has been messy for months. And we already experienced a stealth correction beneath the surface.

I’ll keep an open mind, but if commodity currencies start breaking out…

Forget about it!

Stocks have weathered the US dollar’s recent rally. 

Imagine how they’ll perform once the dollar rolls over, especially against risk-on currencies like the New Zealand dollar.

Check out the NSD/USD pair coiling within a symmetrical triangle after retesting its 2020 low:

In today’s Daily Digest, we’ll review the following:

1. No new positions today.
2. Adjustment to QQQ position.
3. No exits since the last report.
4. Current status of open campaigns.

Let’s dig in!

Crypto markets have continued their sell-off into last week, with Bitcoin losing the critical 60,000 support level and the total crypto market-cap briefly dipping below $2T for the first time since February.

From the Desk of Ian Culley @IanCulley

It doesn’t matter whether we’re talking about markets or summer vacations –  I always avoid the crowds and aim to beat the heat.

No lines. No traffic. No fake, overpriced food.

It also means dropping those hot semiconductor names and reaching for silver mining stocks…

July is by far the best month of the year for gold’s crazy cousin. And it’s not even close:

Unsurprisingly, silver futures gained roughly seven percent last week. They also eclipsed the previous month's high and printed their highest weekly close since January 2013 – a stellar way to start the month.

On the flip side, June takes the cake as Silver’s most challenging month of the year.

And what did Silver do last month?

It only fell by three percent, finding support at a critical shelf of former highs:

From the desk of Steve Strazza @Sstrazza

We held our July Monthly Strategy Session last week. Premium Members can access and rewatch it here.

Non-members can get a quick recap of the call simply by reading this post each month.

By focusing on long-term, monthly charts, the idea is to take a step back and put things into the context of their structural trends. This is easily one of our most valuable exercises as it forces us to put aside the day-to-day noise and simply examine markets from a “big-picture” point of view.

With that as our backdrop, let’s dive right in and discuss three of the most important charts and/or themes from this month’s call.