• David Yocum

Yocum's Weekly Watchlist - 7/11/22 to 7/15/22


Last week the S&P had a strong finish though was unable to put in a new local high. This finish was not accompanied with strong volume which airs caution along with still being in a downtrend. If we are able to break above here there is a good chance we test the last swing high's support level around $407. As a whole, I am finding a lot of chop in my scans and throughout charting this weekend. I am cautious though I am willing to throw out a few trades this week with smaller position size to see how they fare.

 

Stock Spotlight of the Week: $ORLY


$ORLY - O'Reilly Automotive Sector: Retail Auto Parts


IBD Composite Ranking: 95 EPS Rating: 91 RS Rating: 81 SMR Rating: A


O'Reilly has a broken out of an inverse H&S. The daily 8/21/34/55 EMAs are shown on the 4 hour chart. Price has broke the downtrend and is beginning to turn blue at the base. A retest of this price zone could be a good risk/reward spot to fill the gap to the upside. It is important to note earnings on July 27th.

 

Bullish Setups:


$CELH - Celcius Holdings Sector: Beverages-Non-Alcoholic Group IBD Composite Ranking: 99 EPS Rating: 76 RS Rating: 98 SMR Rating: C



Celcius had a strong move on big volume last week. Price broke a key pivot and now looks to aim for the key price zone around $86-88. This name doesn't have the best EPS Rating or SMR Rating so if I do find a pullback to buy, it will be a smaller position size.


 

$APA - APA Corp. Sector: Oil & Gas IBD Composite Ranking: 95

EPS Rating: 76 RS Rating: 96 SMR Rating: B


APA is another one of those oil names I have been watching for a bounce from the weekly 55EMA. Price posted a hammer off this key zone and the 55EMA. Volume has declined on this pullback. If oil and gas still have juice left, this name could become a leader.

 

$MRO - Marathon Oil Corp Sector: Computer Software-Medical Group IBD Composite Ranking: 98 EPS Rating: 80 RS Rating: 96 SMR Rating: A


Marathon Oil has the same story as APA. Hammer off the weekly 55EMA and a key price area. Even if oil does poorly, this offers a high R/R to new highs. If your personal outlook is bearish on oil, don't take the trade or size accordingly. I am still not risking much cash on any given trade.

 

$CI - Cigna Corp

Sector: Medical-Managed Care Group IBD Composite Ranking: 96 EPS Rating: 95 RS Rating: 96

SMR Rating: C



Cigna had some strong volume come in last week on a big weekly breakout. This one has the look of a leader however I'd prefer to buy pullback during this trend. If starting a position now, I'd likely only use a starter position to catch the move if it does not pull back. Check out the flow from Friday. There is some large premium coming into this name at new ATHs. Flow via TrendSpider.com

 

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