Alcon Eye's Next Leg Higher

$BHC To Bankruptcy?

July 24, 2024

Good afternoon. 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.

Markets marched lower. Every major index closed negative. The Nasdaq Composite cratered -3.64%. The S&P 500 and Russell 2000 tumbled more than -2%.

Utilities gained +1.12%. Healthcare carried +0.83%. Technology and consumer discretionary dropped more than -4%. Communications and industrials fell more than -2%.

New 52-Week Highs led New Lows — 147 vs. 27.

THE BEST OF THE BEST

Alcon ($ALC) is the Best of the Best. The eye care product provider advanced +1.65% and closed at an all-time high.

Here’s the daily chart.

And weekly chart.

THE WORST OF THE WORST

Bausch Health Companies ($BHC) is the Worst of the Worst. The pharmaceutical manufacturer plunged -23.25% on rumors of a prepackaged Chapter 11 bankruptcy.

$BHC broke down as much as -47% on the day.

Here’s the daily chart.

And weak weekly chart.

52 WEEK HIGHS

52 WEEK LOWS

RILEY’S RECS

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