S&P Additions Advance To All-Time Highs

New 52-Week Highs led New Lows — 58 vs. 55.

June 10, 2024

Happy Monday. Welcome to Trends with No Friends.

For those just joining us, here’s an overview…

Trends With No Friends sifts through the noise and discovers stocks above $1B market cap with high relative strength and low social following.

Why is this combination important?

Stocks that are outperforming tend to continue to outperform. Stocks that have a low social following are, by definition, undiscovered by the crowd. Stocks that have both Relative Strength and Low Social Following can really outperform as more investors discover them.

They are ripe to rip.

It was a muted day in the market. The major indices inched higher.

Utilities was the strongest sector - $XLU advanced +1.29%. Energy and real estate gained more than +0.50%. Financial fell -0.39%.

New 52-Week Highs led New Lows — 58 vs. 55.

The Best of the Best

Altair Engineering ($ALTR) is the best of the best. The software and cloud solutions provider propelled +8.73% following its inclusion to the S&P MidCap 400.

$ALTR closed at an all-time high.

Here’s the daily chart.

And monster monthly chart.

KKR & Co ($KKR) is a notable new high. The asset manager advanced +11.18% following its inclusion into the S&P 500.

$KKR carried to an all-time high.

Here’s the daily chart.

And weekly chart.

Monolithic Power Systems ($MPWR) is a notable new high. The semiconductor-based power solutions provider surged +3.72% and closed at an all-time high.

Here’s the daily chart.

And weekly chart.

The Worst of the Worst

Snowflake ($SNOW) is the worst of the worst. The data warehousing software stock fell -3.39% and closed at its lowest price since January 2023.®

Here’s the daily chart.

And weak weekly chart.

Wendy’s ($WEN) is a notable new low. The fast food restaurant flopped -1.62% and closed at its lowest price since May 2022.

Here’s the daily chart.

And monthly chart.

AbCellera Biologics ($ABCL) is a notable new low. The biotech tumbled -3.04% and closed at an all-time low.

Here’s the daily chart.

And weak weekly chart.

52-Week Highs

52-Week Lows

Riley’s Recommendations

Here are a few sweet links curated by Riley…

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