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In addition to the healthcare REITs that I discussed in this post yesterday, check out some other REITs below. You might also want to take a look at CYS and EXR.
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PPT Members Click Here for Industry Screen with Seasonality Feature
Tickers Mentioned: $CSA $HCA $HCN $HCP $HR $IYR $LTC $MPW $NHI $OHI $SBRA $UHT
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I charted BAA last week as a potential breakout play, only to see it (along with the rest of the miners) lose ground and pull back from resistance. Just because a stock fails to initially break out, though, does not mean you should take it off your watchlist and chalk it up as a mistake for monitoring it in the first place. Instead, it is usually correct to continue to stalk the stock to see if it simply needed more time to consolidate before breaking out, as opposed to declaring it destitute. This is precisely the type of mental process of “making adjustments” that I described here and here. I am always seeking to refine a thesis when I believe it to be appropriate, as opposed to making a broad claim and sticking with it no matter what.
Fast forward a week later, and BAA is suddenly stabilizing again with the rest of the miners. Indeed, just because Banro failed to break out last week does not mean it is a loser. Just as one bad trade does not define a good trader who uses position sizing and loss- cutting techniques, one failed breakout should not define a stock that is still threatening to go much higher. Since refining my thesis last night that I expect the precious metals miners to outperform the metals themselves over the next few months, I am even more inclined to continue to stalk Banro for a bonafide breakout.
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Earlier today I wrote a post raising the notion that if Donald Trump is now accepting gold as a legitimate form of payment for his real estate properties, then perhaps that is additional contrarian evidence that the bullion has topped out for the foreseeable future. As we know, gold has had a spectacular run over the past few months on top of already being in a potent multi-year bull market. Recently, though, the yellow metal has put in what may very well be a double-top and appears heavy on the GLD daily chart. As our own JakeGint stresses often in this gold run, it is awfully tough to short a bull market of this magnitude. Hence, I have no interest in being “that guy” trying to call the absolute top in gold. All I seek to do is interpret the price action as rigorously and objectively as I can for you.
I also said in that earlier post that the metals and miners can often trade in separate and distinct worlds far more often than you would think possible. After all, when you think of “gold miners,” you cannot help but think of “gold.” However, my good friend on Twitter @Xiphos_Trading also pointed out that the gold miners were still strong and there was little evidence that gold has put in THE top and that the miners were not about to go on an epic run and putting in massive bases on longer-term timeframes. Frankly, looking at a few charts of gold miners this evening, there are indeed some ones that are set up well. All they need now are some buyers to hope back on the miner train to keep the beastly locomotive going.
Hence, I believe the best thesis going forward is that the miners should categorically outperform the metals.
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…check out these five trading ideas and explanations with triggers for tomorrow. Some of them are under the radar types of stocks, but well worth keeping on watch.
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Although the senior indices have been flopping around quite a bit this morning with all sorts of headlines out of Europe, I am seeing improved action in many individual stocks. Quite a few names that have shown relative strength over the past few months, such as ALGT CSR EDU (long in 12631 service) FIRE QSII have all been permitted to break out to multi-month or even all-time highs. Moreover, the action in traditional market leaders like AAPL and BIDU is encouraging, as both stocks have quality daily chart setups. Generally speaking, the technology sector looks to be leading here, which is also a positive sign.
On the whole, though, the bulls still have their work cut out for them. The S&P 500 is currently coming to terms with a flattening-out 20 day moving average, on top of digesting a steady stream of news out of Europe. With the back and forth slugfest between bulls and bears over the past five weeks, you would expect there to be plenty of overhead supply even if the bulls continue to make strides. Hence, I am staying with my strategy of methodically legging back into this market, so long as the action keeps heating up.
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