Markets were muted yesterday, with all eyes looking toward the outcome of the Fed’s monetary policy meeting that starts today.
And they won’t just be watching whether or not it raises rates…
But what Powell actually says about their view on inflation, the economy, and the possibility of any future rate hikes.
Tech stocks pulled back sharply Friday – dragging the entire market down with them – indicating that the market isn’t so sure the Fed will hit the brakes on hikes.
But there will always be stocks that can resist this downward pull – and even surge despite it.
These are stocks with high positive momentum…
Momentum that could easily carry into this week – no matter what the Fed does.
Today’s list features stocks from three completely different industries…
And most interestingly, most of them don’t seem to have a “reason” for defying the market (I’ll explain why that doesn’t matter).
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Canopy Growth Corporation (CGC)
Cannabis stocks are still flying high and right now, CGC is leading the pack – with its stock popping by nearly 8% on Friday alone (and over 30% over the week). This was a continuation of positive sentiment surrounding the sector following a potential reclassification of its federal status as well as the company getting rid of a loss-making division, BioSteel – a sports drink brand.
This is in line with the company’s asset-light strategy and cost-cutting focus as it struggles to survive amid oversupply of cannabis. In June, the company’s auditor said it had “substantial doubt” about the company’s ability to continue as growing concern. Shedding BioSteel would instantly reduce CGC’s cash drag – on top of any potential proceeds from the sale.
Blue Owl Capital Inc. (OWL)
OWL is an alternative investment asset management company that invests in hedge funds and private equity firms, real estate, and even provides private lendinging to firms that do credit investments.
Last Friday, the stock jumped 7% on massive volume – the highest volume day so far in 2023. Interestingly, there has been no external news that would explain this huge move.
But there doesn’t have to be. When a stock makes a big move on big volume – you pay attention.
Getty Images Holdings, Inc. (GETY)
GETY supplies stock images, video, music, and photography for both businesses and consumers. You’ve definitely seen their content before.
GETY stock popped by 7% on Friday – but that’s just the start. It’s up 21% over the past week and 63% over the past month. It has completely defied the pullback and has one of the most beautiful candlestick charts you’ll see – with just one long green candlestick after another.
The reason for these moves are unclear. But the price action is not. GETY has superb momentum on its side – and chances are, it’ll only continue.
To your wealth,
Felix @ Ace of Investing
