Regional Banks Shine Bright

New 52-Week Highs led New Lows — 109 vs. 10.

July 22, 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 Stocktwits following.

Why is this combination important?

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

They are ripe to rip.

Every major index inched higher. The Russell 2000 and Nasdaq Composite carried more than +1.5%. The Dow dashed +0.32%.

Technology advanced +2.37%. Consumer discretionary, industrials and real estate rallied approx. +1%.

New 52-Week Highs led New Lows — 109 vs. 10.

THE BEST OF THE BEST

Shinhan Financial Group ($SHG) is the Best of the Best. The $20B South Korean bank bounced +4.33% and closed at its highest price since December 2019.

Here’s the daily chart.

And weekly chart.

THE WORST OF THE WORST

PBF Energy ($PBF) is the Worst of the Worst. The petroleum refinery fell -1.11% and closed at its lowest price since June 2023.

Here’s the daily chart.

And monthly chart.

52 WEEK HIGHS

52 WEEK LOWS

RILEY’S RECS

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