
Current Market Outlook
The evidence has been steadily improving, but July has changed that—first came a lot of narrowing (most stocks below their 50-day lines even though the big-cap indexes were near new highs) along with a lack of breakouts, then came last week’s selling pressure (that saw many growth stocks show real slippage), and today we saw the sellers really start to hit things left and right. On the positive side of things, many growth titles were resilient today, and we still see a good number of setups out there; given that there are renewed fears of the virus, it’s possible many growth titles could do well even if the market has a rough go of it. But right now, the onus is on the bulls as the market’s intermediate-term trend has turned down and most stocks look iffy. We’re moving our Market Monitor to a level 5 but are keeping our eyes open for what comes next.
This week’s list is a mix of names, though some of the growth titles look like decent risk-reward situations on this dip. One of them is
Marvell Technology (MRVL), a leading chip maker that’s pulling back normally after a persistent move to new highs.
| Stock Name | Price | Buy Range | Loss Limit |
|---|
| Autodesk (ADSK) | 287 | 284-290 | 270-274 |
| Avantor (AVTR) | 36 | 35-36.5 | 32-33 |
| Bruker (BRKR) | 78 | 76-78 | 70-71 |
| Burlington Stores (BURL) | 311 | 307-313 | 290-295 |
| Chipotle Mexican Grill (CMG) | 1551 | 1520-1560 | 1400-1425 |
| CrowdStrike (CRWD) | 250 | 247-253 | 223-226 |
| Dexcom (DXCM) | 435 | 425-438 | 390-395 |
| Horizon Therapeutics (HZNP) | 92 | 90-93 | 84-85.5 |
| Marvell Technology Group (MRVL) | 55 | 53.5-55.5 | 48.5-49.5 |
| Revolve Group (RVLV) | 64 | 62.5-65 | 56-57.5 |