5 All Time High Large Caps for Momentum Investors

This morning I wanted to find 5 Large Caps that hit All Time Highs that might be of interest to Momentum Investors.  I used Barchart to sort the All Time High Large Cap list first for the most frequent number of new highs in the last month, then again for technical buy signals of  80% or better.  Today's Watch List includes:

Brown Forman (BF.B), Veeva Systems (VEEV), Cerdicorp (BAP), Rollins (ROL) and Aon (AON)

Brown Forman (BF.B)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 17 new highs and up 25.13% in the last month
• Relative Strength Index 92.08
• Technical support level at 53.61
• Recently traded at 57.91 with a 50 day moving average of 47.85

Veeva Systems (VEEV)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 16 new highs and up 18.68% in the last month
• Relative Strength Index 75.85%
• Technical support level at 61.04
• Recently traded at 61.31 with a 50 day moving average of 52.83

Credicorp (BAP)

Barchart technical indicators:

• 80% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 16 new highs and up 13.58% in the last month
• Relative Strength Index 74.71%
• Technical support level at 172.47
• Recently traded at 173.67 with a 50 day moving average of 161.25

Rollins (ROL)

Barchart technical indicators:

• 100% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 15 new highs and up 4.69% in the last month
• Relative Strength Index 82.33%
• Technical support level at 41.75
• Recently traded at 42.48 with a 50 day moving average of 38.09

Aon (AON)

Barchart technical indicators:

• 96% technical buy signals
• Trend Spotter buy signal
• Above its 20, 50 and 100 day moving averages
• 15 new highs and up 8.75% in the last month
• Relative Strength Index 84.73%
• Technical support level at 127.32
• Recently traded at 128.79 with a 50 day moving average of 120.71

Barchart Morning Call - 11/7

Barchart Morning Call

BC - 1 hr 32 mins ago

Overnight Developments

• Dec E-mini S&Ps this morning are slightly lower by -0.04% as the markets react to last night's U.S. election returns. European stocks are up +0.38% and Asian stocks closed generally higher with Hong Kong up +0.71%, Taiwan up +0.70%, and Australia up +0.71%, although Japan closed -0.03% and China closed -0.21%. Commodity prices are slightly higher by +0.09% with Dec crude oil down -0.83%, Dec gasoline -0.90%, Dec gold up +0.55%, Dec copper virtually unchanged, and agricultural prices generally trading higher. The dollar index is slightly lower by -0.05% and EUR/USD is slightly lower by -0.09%. Dec 10-year T-notes are up 19.5 ticks.
• The election results were in line with pre-election probabilities and the status quo prevailed. President Obama won reelection, Republicans kept control of the House, and Democrats kept control of the Senate. Attention now turns to how Washington will handle the year-end fiscal cliff and the need for a debt ceiling hike by early 2013.
• The Greek parliament today will hold its first vote on approving the 13.5 billion euro austerity package that is necessary for Greece to obtain its next 31 billion euro tranche of bailout money. If the Greek parliament cannot approve the austerity package, speculation will quickly arise again about whether Greece may end up leaving the Eurozone. Greek workers today held the second day of their 2-day strike to protest austerity measures.
• The European Commission today cut its GDP forecast for the Eurozone for 2013 to +0.1% from its May forecast of +1.0%, acknowledging that the economy will show virtually no growth in 2013 after a forecasted -0.4% decline in 2012.
• The Sep Eurozone retail sales report of -0.2% m/m and -0.8% y/y was slightly weaker than market expectations of -0.2% m/m.
• The German Sep industrial production report of -1.8% m/m and -1.2% y/y was much weaker than market expectations of -0.7% m/m and +0.1% y/y.
  Market Comments
  • Dec E-mini S&Ps this morning are slightly lower by -0.50 points (-0.04%) after last night's election returns were in line with the pre-election probabilities. E-mini S&Ps are seeing some support today from the +0.38% rally in European stocks. The S&P 500 index on Tuesday closed moderately higher: S&P 500 +0.79%, Dow Jones +1.02%, Nasdaq +0.30%. Bullish factors included some relief that the election uncertainty was nearly over and the +0.73% rally in European stocks.
  • Dec 10-year T-notes this morning are up 19.5 ticks as the market calculates that the Obama reelection victory will give the FOMC more scope to continue its accommodative monetary policy, although that also boosts the long-term inflation risks. Dec 10-year T-note prices on Tuesday closed moderately lower: TYZ2 -14, FVZ2 -8.25. Bearish factors included reduced safe-haven demand with the rally in stocks and supply overhang with this week's refunding operation. The results from Tuesday's 3-year T-note auction were a bit disappointing with the bid cover ratio of 3.41 being below the 12-auction average of 3.58 and at the lowest level in 9 months. In addition, indirect (foreign) bidders bought only 25.1% of the auction, which was well below the 12-auction average of 33.9% and the lowest level since 2007.
  • The dollar index this morning is slightly lower by -0.04 (-0.05%) and EUR/USD is down lower by -0.0011 (-0.09%). USD/JPY is down -0.26 (-0.32%). The dollar index on Tuesday closed mildly lower: Dollar index -0.14 (-0.17%), EUR/USD +0.0018 (+0.14%), USD/JPY +0.06 (+0.07%). Bearish factors included (1) reduced safe-haven demand with the rally in the stocks, and (2) the odds for an Obama victory, which would mean support for the Fed's dollar-bearish QE3 program.
  • Dec WTI crude oil prices this morning are down -0.74 (-0.83%) and Dec gasoline is down -0.0242 (-0.90%) as the markets give back some of yesterday's sharp gains. Dec crude oil and gasoline prices on Tuesday closed sharply higher: CLZ2 +3.06 (+3.57%), RBZ2 +0.0787 (+3.00%). Bullish factors included general commodity strength and the continued disruptions of gasoline supplies in the northeastern U.S. The market consensus for today's DOE report is for a +1.5 million barrel rise in crude oil inventories, a -1.5 million barrel drop in gasoline inventories, a -1.25 million barrel drop in distillate inventories, and a -1.5 point drop in the refinery utilization rate to 86.2% of capacity. However, today's report for the week ended Nov 2 will see severe disruptions from Hurricane Sandy, which made landfall on October 29.
  • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
    Today's U.S. Earnings Reports Earnings reports (ranked by market cap): QCOM-Qualcomm (Consensus:$0.82), MDLZ-Mondelez (0.36%), TWX-Time Warner (0.82), PRU-Prudential Financial (1.67), KRFT-Kraft Foods (0.67), DVN-Devon Energy (0.69), CTL-Centurylink (0.58), CBS-CBS (0.60), CTSH-Cognizant (0.92), WLP-Wellpoint (1.83), WFM-Whole Foods (0.60), M-Macy's (0.30), BDX-Becton Dickinson (1.40), CLR-Contl Res (0.87), ETE-Energy Transfer (0.40), ATVI-Activision (0.08), PRGO-Perrigo (1.24), BAP-Credicorp (2.43), CXO-Concho Resources (1.04), CNP-Centerpoint Energy (0.34), MPEL-Melco Crown (0.17).
    Global Financial Calendar
    

    Wednesday 11/7/12
    United States
    0700 ET	Weekly MBA mortgage applications, previous -4.8% with purchase sub-index +0.5% and refi sub-index -6.0%.
    1030 ET	DOE Weekly Petroleum Status Report.
    1300 ET	Treasury auctions $24 billion in 10-year T-notes.
    1500 ET	Sep consumer credit expected +$10.6 bln, Aug +$18.123 bln.
    Euro-Zone
    0500 ET	Eurozone Sep retail sales expected -0.1% m/m and -0.8% y/y, Sep +0.1% m/m and -1.3% y/y.
    Germany
    0600 ET	German Sep industrial production expected -0.6% m/m and +0.1% y/y, Aug -0.5% m/m and -1.4% y/y.
    Japan
    1850 ET	Japan Sep machine orders expected -2.1% m/m and -4.9% y/y, Aug -3.3% m/m and -6.1% y/y.
    1850 ET	Japan Sep current account expected 761 bln yen, Aug 454.7 bln yen. Sep adjusted current account expected 206 bln yen, Aug 722.3 bln yen. Sep trade balance BOP basis expected -417 bln yen, Aug -644.5 bln yen.
    1850 ET	Japan Oct bank lending ex-trusts expected +1.1% y/y, Sep +1.2% y/y.
    2100 ET	Tokyo Oct average office vacancies, Sep 8.9%.
    2330 ET	Japan Oct bankruptcies, Sep -7.0% y/y.

    Barchart.com provides Financial Quotes, Charts and Technical Analysis for Stock and Commodity Traders.

Barchart Morning Call 8/6

Barchart Morning Call

BC - 1 hr 31 mins ago

Overnight Developments

• Sep E-mini S&Ps this morning are trading mildly higher by +0.18% due to this morning's +0.50% rally in European stocks. Commodity prices this morning are down by an average of -0.51% with Sep crude oil down -0.47%, gold up +0.26%, copper down -0.27%, and agricultural commodities trading mostly lower. The dollar index this morning is up +0.16% and EUR/USD is down -0.19% after Italian Prime Minister Monti said over the weekend that the Eurozone is showing signs of "psychological dissolution." Sep 10-year T-notes are up 6.5 ticks.
• Asian stocks today closed higher across the board on carry-over support from last Friday's stronger-than-expected U.S. July payroll report of +163,000. Chinese stocks also received a boost from an announcement on Sunday by Chinese securities regulators that allows companies to pay employees up to 30% of their wages with company stock acquired in the secondary market. Closes: Japan +2.00%, Hong Kong +1.69%, China +1.35%, Taiwan +0.95%, Australia +1.21%, Singapore +0.67%, South Korea +2.27%, India +1.25%, Turkey +0.93%.
• Knight Capital Group reportedly received a $400 million cash infusion over the weekend via a convertible bond investment by several financial firms, thus averting bankruptcy. The capital injection should prevent any fresh disruptions from Knight, which accounts for some 10% of market-making stock trading volume.
• Trading in Spanish stocks at the Bolsas & Mercados Espanoles was halted today at 10:05 AM in Madrid due to a technical default. There was no word on when trading would resume.
• Italian Prime Minister Mario Monti said in an interview in Der Spiegel magazine published over the weekend that the Eurozone is showing signs of "psychological dissolution."
• Troika officials over the weekend wrapped up an initial examination of Greece's austerity progress and said they will return in early September. An IMF representative said, "We made a lot of good progress" and said there was agreement that Greece needs to strengthen its policy efforts.
• Japan's June leading index report fell by 2.6 points to 92.6 and was 0.3 points weaker than market expectations of 92.9. The June coincident index fell 2.0 points to 93.8 and was 0.1 point weaker than market expectations of 93.9.
• UK July Halifax house prices fell -0.6% m/m, which was in line with market expectations and reversed part of June's revised +0.8% increase.
  Market Comments
  • Sep E-mini S&Ps this morning are up 2.50 points (+0.18%) on support from today's 0.50% rally in European stocks. The U.S. stock market Friday rallied up to 3-month highs and settled sharply higher after July U.S. non-farm payrolls rose more than forecast and after Spanish and Italian bond yields fell when members of German Chancellor Merkel's CDU party said they wouldn't stand in the way of additional ECB bond purchases: S&P 500 +1.90%, Dow Jones +1.69%, Nasdaq 100 +1.92%. Another positive for stocks was the larger-than-expected increase in the July ISM non-manufacturing index.
  • Sep 10-year T-notes this morning are up 6.5 ticks on some short-covering after last Friday's sharp sell-off. Sep 10-year T-note prices Friday plunged to a 1-month low after stocks soared when the U.S. economy added more jobs than expected last month, which dampens speculation the Fed will need to start a QE 3 asset purchase program to stimulate the economy: TYU2 -23, FVU2 -10. Also, safe-haven demand for Treasuries was reduced after Spanish 10-year bond yields plunged -31 bp and fell back below the critical 7.00% yield level.
  • The dollar index this morning is up +0.16% with EUR/USD down -0.19% and USD/JPY down -0.20%. The dollar index on Friday settled sharply lower as a rally in stocks curbed the safe-haven demand for the dollar while the euro strengthened after Italian and Spanish bond yields fell when ECB Council member Liikanen said the size of a new ECB bond purchase program would be "adequate to reach its objective" of lowering Italian and Spanish borrowing costs: Dollar index -0.986 (-1.18%), EUR/USD +0.02057 (+1.69%), USD/JPY +0.228 (+0.29%).
  • Sep WTI crude oil prices this morning are down -0.43 (-0.47%) and Sep gasoline is down -0.0306 (-1.04%) on this morning's higher trade in the dollar index and on some long liquidation pressure after last Friday's sharp rally. Crude oil and gasoline prices Friday moved sharply higher after the U.S. economy added more jobs than expected last month along with reduced concern over the European debt crisis after members of German Chancellor Merkel's ruling CDU party said they wouldn't stand in the way of ECB Draghi's plan to buy more government bonds: CLU2 +4.27 (+4.90%), RBU2 +0.0614 (+2.14%). Sep crude posted a 2-week high and Sep gasoline rose to a 2-1/2 month high.
  • For the complete subscription version of this daily report (plus a 13-page big-picture weekly report), along with the earliest possible delivery in the morning, please visit http://www.barchart.com/register/crbfms_usmc.php
    Today's U.S. Earnings Reports Earnings reports (ranked by market cap): BRK-Berkshire Hathaway (Consensus $1,780.00), CTSH-Cognizant Technology Solutions (0.86), BXP-Boston Properties (0.43), VNO-Vornado Realty Trust (-0.07), PAA-Plains All Anerican Pipeline (1.68), HCN-Health Care REIT (0.26), CF-CF Industries Holdings (8.71), CHK-Chesapeake Energy (0.07), HCA-HCA Holdings (0.78), AES-AES Corp. (0.27), BAP-Credicorp Ltd. (2.29), CXO-Concho Resources (0.99), TSN-Tyson Foods (0.55), KOS-Kosmos Energy Ltd. (-0.10), NGLS-Targa Resources Partners LP (0.40), MR-Mindray Medical International (0.46).
    Global Financial Calendar
    

    Monday 8/6/12
    United States
    0900 ET	Fed Chairman Ben Bernanke speaks via prerecorded video on "Economic Measurement" at the 32nd General Conference of the International Association for Research in Income and Wealth in Cambridge, MA.
    1100 ET	USDA weekly grain export inspections.
    1130 ET	Weekly 3-mo and 6-mo T-bill auctions.
    1600 ET	USDA Crop Progress
    Japan
    0100 ET	Japan June leading index CI expected -2.3 to 92.9, May 95.2. June coincident index CI expected -1.9 to 93.9, May 95.8.
    Euro-Zone
    0430 ET	Aug Euro-Zone Sentix investor confidence expected -1.4 to -31.0, July -0.7 to -29.6.

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