
Current Market Outlook
The Nasdaq and leading stocks had a huge reversal today, with many names that had gone vertical suffering some heavy-volume selling, representing another shot across the bow. Still, as we’ve written before, one day does not a trend make; the trend of the Nasdaq and growth stocks remain up, while the broader indexes and cyclical sectors are positive but mostly range-bound. As has been the case earlier in the rally, what happens from here will be key--continued distribution would be a sign that the current run could be ending, likely followed by a well-deserved digestion phase, but strong support in the near future would likely tell us this was just another brief stumble on the way to higher prices. Stepping back, most of the evidence remains positive, so we’re still bullish, but the next few days will be key.
As opposed to the last two weeks, this week’s list is back to having a leadership, growth-ier feel to it. Our Top Pick is
Alibaba (BABA), which has always had the makings of a liquid leader, and is helping to lead the group rally in Chinese stocks as it lifts out of a two-year rest.
| Stock Name | Price | Buy Range | Loss Limit |
|---|
| Alibaba (BABA) | 254.81 | 244-254 | 220-225 |
| Bill.com Holdings (BILL) | 88.76 | 81-85 | 73-75 |
| Kinross Gold (KGC) | 8.19 | 7.2-7.6 | 6.5-6.7 |
| Marvell Technology Group (MRVL) | 36.88 | 35-37 | 31.5-32.5 |
| Pacira Biosiences (PCRX) | 54.85 | 54-56 | 47.5-49 |
| Redfin (RDFN) | 40.40 | 34.5-36.5 | 30-31.5 |
| Roku, Inc. (ROKU) | 150.46 | 147-154 | 128-132 |
| Splunk (SPLK) | 207.67 | 192-198 | 175-178 |
| Sunrun (RUN) | 38.40 | 27.5-29.5 | 23.5-24.5 |
| XP Inc. (XP) | 44.59 | 43-46 | 38-39.5 |