EarningsBeats.com Digest for May 5, 2021
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Save the Date!
We hope you'll join us at our Sneak Preview: "Top 10 Stock Picks" webinar on Monday, May 10th, at 4:30 pm EST.
During the session, EarningsBeats.com's Chief Market Strategist Tom Bowley will discuss the process of how he selects the top 10 stocks for our 4 portfolios - Model, Aggressive, Income, and Strong A/D. That's 40 stocks in all! Details to follow.
Potentially, Here's A Big Winner
Big Lots, Inc. (BIG) has been stair-stepping its way higher over the past year and it's in the midst of a pause as it consolidates between 62 and 71. There are reasons to be quite optimistic technically, but we also cannot ignore how many leaders are getting thrashed on a daily basis right now, despite huge revenue and earnings beats:
I like the PPO returning to its centerline and just starting to turn higher. A breakout above 71 on increasing volume would be bullish given the strengthening momentum evidenced by the renewed PPO strength. On the downside, volume has been extremely light over the past 2-3 months. Next, broadline retail ($DJUSRB) threatened a breakout in late-April, but failed thus far. A breakout would lead more traders to the broadline retail group,
making a breakout in BIG more likely. Lastly, check out those two large black directional arrows. They're pointing to BIG's tremendous relative strength when it set its high in March. It's lost its relative strength since then, but that's typical during a period of consolidation.
Happy trading!
Tom Bowley
Chief Market Strategist
EarningsBeats.com
Better Timing. Better Trades.
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