Here's our updated watchlist of stocks that have been identified by our technical indicators as being in the buy zone. If the overall market continues higher, these stocks should outperform:
*Buy and Sell signals are not recommendations and are a starting point for further analysis.
Stocks are cautiously optimistic today after Janet Yellen said that "further action is needed to avoid recession" and that "acting big" on stimulus is the smartest thing to do. The market is dependent on continued stimulus at the moment and wants to see multiple packages in the works.
Markets also liked her statement that the current tax cuts won't be rolled back because Biden "does not want to raise taxes during the pandemic."
Ok, we get it. The stage is set for another leg higher in the stock market with all this easy money and large corporate profits on the horizon.
Crude oil is up and that is propping up the market as well on optimism of a "reopening" of the economy.
#GM and #MSFT are collaborating on a self-driving car and that sent shares in the auto up 9%. These partnerships are fast becoming the go-to, not only for the innovation, but it juices up share prices of both companies. This likely means we'll see more of these in the near future.
Volatility is down as the country prepares for the inauguration of Biden tomorrow. If all goes smoothly, we should see the uptrend continue in markets.
Here's the chart of GM showing the breakout bar (far right) as it blows out of it's trading range and begins a probable new cycle higher.