When a tornado hits, we’re told to seek shelter and hide under the desk. If there’s a blizzard, you stay in side and keep warm. The same principle of a flight to safety or a search for strength occurs in the stock market when things get rocky. While the S&P 500 (SPY) continues to carve out a range we continually get a taste of volatility.
There’s always a bull market somewhere. Even during the worst times in the market there are investment opportunities if you know just where to look. Weekly I’ve been giving you some of the best breakout stock ideas. Sometimes you have to dig much further to find these ideas. Markets don’t always cooperate.
As we continue to side wind through the trading range we’ve been stuck in, there are still stocks that are butting up against 52-week highs. I try to find which of these stocks also are Zacks Rank #1 (Strong Buy) and Zacks Rank #2 (Buy) stocks, but I don’t stop there. I’m also looking for Momentum Style Scores of “A†or “B.†By sticking to the same formula that’s been finding us winners week in and week out it gives us the best chance of success in the future.
Below are five great stocks that are breaking out to new highs even as the market stalls.
Alaska Air (ALK – Snapshot Report)
Alaska Airlines, Inc., an Alaska corporation founded in 1932, is noted for its award-winning customer service. Alaska through its mainline jet service provides scheduled air service for over 16 million passengers annually. In addition to its service to destinations in Alaska and the West Coast, the airline flies to several cities in the Midwest, Texas and the East Coast, as well as the four major Hawaiian Islands. Alaska also provides service to British Columbia in Canada, and to nine destinations in Mexico. Its hubs are Anchorage, Seattle, Portland, and Los Angeles.
Shares of ALK rebounded nicely off the lows of August but have been butting up against resistance here at $82. Good news is there’s been a firm layer of support corresponding with the July high near $77.50. The real volume sits at $75 though. Either gives you a good risk/reward scenario here.
