Today’s standout insider activity comes from Kevin Johnson, a director at Goldman Sachs Group $GS.

Johnson made a bold statement of confidence by purchasing 2,400 GS shares, a total investment of $1.4 million. 

Here’s The Hot Corner, with data from January 21, 2025:

EcoR1 Capital also made a significant move, filing a Form 4 for Zymeworks Inc $ZYME that shows a purchase of $1,963,538.

Finally, Valinor Management filed a 13D for Nextdecade Corp $NEXT, reporting an increase in its ownership stake from 5.28% to 5.70%.

Today's number is... 50%

Market breadth had been weak... However, it has significantly improved over the last week, with 50% of S&P 500 stocks reaching a 20-day new high.

However, this recent surge in 20-day new highs wasn't quite enough to trigger my favorite breadth thrust regime.

Here’s the chart:

(right-click and open image in new tab to zoom in)

Let's break down what it shows:

• The black candlesticks in the top panel is the S&P 500 index price.
• The black line in the bottom panel shows the percentage of S&P 500 stocks at 20-day highs.
• The red line in the bottom panel is the trigger for a breadth thrust.
• The gray shading highlights when in a breadth thrust regime.

The...

It's another week of green for large and growth factors, with the Large Cap Growth ETF $IWF at the top of the table.

Zooming out, the trend is still favoring large caps over small caps. This is shown below as a ratio. There's no signs this trend is shifting yet.

We're at an important inflection point with a new administration, which can mark key reversals across investment themes.

For a deeper look at our thoughts about the new Trump administration and how it could impact markets, watch our Inauguration Day Special livestream replay by clicking here.

Ethereum has been a disaster.

Relative to the benchmark in crypto (Bitcoin), Ethereum has trended straight down for the last two and a half years.

If the ETHBTC ratio was a chart of a company's stock versus the S&P 500, shareholders would question the CEO's ability to deliver value.

And I think this trend of Ethereum underperforming continues.

UNLESS, the Ethereum / Solana ratio can get back above these lows.

Thinking out loud, you know what would be absolutely hilarious?

If this was in the fact the bottom.

Just like how energy bottomed and commodities finally began outperforming stocks when Crude went negative, imagine if this trend of Solana outperformance ended on the President launching a Solana memecoin.

Honestly, it makes sense symbolically.

I just need to see this trend reverse. And in order for that to happen, the ETHSOL ratio needs to reclaim these lows.

And until it does, I think there are better opportunities in crypto outside Ethereum.

But it’s not just crypto where opportunities are appearing. Retail stocks are catching my attention, and there’s no one better to break it all down than JC...

Infrastructure companies play a key role in supporting the global economy and are at the forefront of some serious mega trends. 

These companies literally build and service our everyday lives. 

After 17 years of no progress, the iShares Global Infrastructure ETF $IGF is now challenging its pre-financial crisis highs as buyers work to complete a massive base.

This ETF holds a well-diversified basket of stocks, offering exposure across three primary sectors: utilities (40.4%), industrials—including transportation (38.6%), and energy (21%).

If IGF can break above its former highs around $52, the path of least resistance points higher, paving the way for a fresh leg up in these groups of stocks.

Alfonso

Rep. Nancy Pelosi, no stranger to headline-grabbing stock moves, is back in the spotlight with her latest Periodic Transaction Report—and it’s a big one.

The former Speaker of the House is making bold plays in some of the hottest sectors, doubling down on AI, and other growth trends, while dumping shares in Apple.

Here’s an update of her filing from Friday:

Pelosi recently sold 31,600 shares of Apple $AAPL, with a transaction value of roughly $8 million.

While she has been bullish on Apple in the past, this marks a notable reduction in her exposure. We know that she acquired about half the shares she just sold via call options back in May 2022. She made more than 80% on them.

So, Nancy is bearish Apple. But, we don’t follow her for her insider sales, we follow the Pelosi portfolio because it has been early to some of the best trends in growth investing. The Pelosi’s were early to NVDA. She has...

In today's Flow Show, Steve Strazza and I discuss what feels like the birth of a new leg higher for this ongoing, but recently struggling bull market.

And while I was lamenting the performance of $AAPL lately, Steve showed me the mirror opposite: $AMZN.

Watch this video to see how we arrived at today's trade, and see the details below: 

Here's the Play:

I like buying an $AMZN June 250/300 Bull Call Spread for an approximately $9.65 net debit. This means I'll buy the June 250 calls and sell an equal amount of the 300 calls. And this debit I pay today represents the most I can lose if I'm dead wrong:

Amazon has earnings coming up on Thursday, February 6th. I'm mindful of this, in fact, I think it could be the catalyst that shoots this stock higher. But if I'm wrong, my risks are defined to the debit I paid.

For risk management purposes, I'll exit this spread if either one of the following conditions is met:

1. $AMZN sees a closing price below $215 at any time during my hold. Or,

2. The value of this spread...

In today’s Daily Digest, we’ll review the following:

1. No new positions today.
2. Rolled TLT position to March options.
3. Exited KRE position.
4. Current status of open campaigns.
5. Volatility Snapshot.

Let’s dig in!

To wrap up the first week of the 2025 earnings season, we heard from 7 S&P 500 components.

The largest oil & gas equipment & services company, Schlumberger, was the biggest winner.

One of the largest truckers, J.B. Hunt, was the biggest loser.

Let's talk about what happened.

*click the image to enlarge it

As you can see, there wasn't a clear theme to Friday's earnings reactions. Some roared higher, others were muted, and a couple got beat down.

Fastenal $FAST missed its top and bottom line expectations but rallied nearly 2%. Despite the poor results, the market rewarded the stock for raising its quarterly dividend by 10%.

State Street $STT beat expectations but was slammed for its weak net interest income guidance, which the management team expects to be flat in 2025.

Now, let's talk about a few earnings reactions that stood out to us.

J.B. Hunt has suffered some of its worst earnings reactions ever over the last 6 quarters. 

This has been in part...

The replay of last night's LIVE video Conference Call is now available for Premium Members of ASC Research. 

Click here to sign up and catch up on the replay, download the 100+ charts and review each of the new trade ideas.

It's really something fascinating to witness.

Both retail investors and the professionals are scared shitless, in the middle of a bull market!

We just saw the...

Rep. Nancy Pelosi is back on our list after filing a Periodic Transaction Report detailing transactions in multiple stocks.

The former Speaker of the House reported the following moves:

Nvidia $NVDA:

• Exercised $500K-$1M in call options with $12 strike, expiring 12/20/24.
• Bought $250K-$500K in call options with $80 strike, expiring 1/16/26.

Palo Alto Networks $PANW:

• Purchased $1M-$5M in call options with $100 strike, expiring 12/20/24.

Alphabet Inc $GOOGL:

• Purchased $250K-$500K in call options with $150 strike, expiring 1/16/26.

Amazon.com Inc $AMZN:

• Purchased $250K-$500K in call options with $150 strike, expiring 1/16/26.

Tempus AI Inc $TEM:

• Purchased $50K-$100K in call options with $20 strike, expiring 1/16/26.

Today's number is... 12.5

The 1-week rate of change in Investors Intelligence bears has spiked to 12.5%.

Here’s the chart:

(right-click and open image in new tab to zoom in)

Let's break down what it shows:

• The blue line in the top panel represents the price of the S&P 500 index.
• The green bars in the bottom panel show the 1-week change in Investors Intelligence (II) of more bears.
• The red bars in the bottom panel show the 1-week change in Investors Intelligence (II) of less bears.

The Takeaway: Last week, I noted that more bears were beginning to enter the market. We have now experienced a further surge in bear activity, with...

From the Desk of Steve Strazza @Sstrazza

When investing in the stock market, we always want to approach it as "a market of stocks."

Regardless of the environment, there are always stocks showing leadership and trending higher.

We may have to look harder to identify them depending on current market conditions. But there are always stocks that are going up.

The same can be said for weak stocks. Regardless of the environment, there are always stocks that are going down, too. 

We already have multiple scans focusing on stocks making all-time highs, such as Hall of Famers, Minor Leaguers, and the 2 to 100 Club.

We filter these universes for stocks that are exhibiting the best momentum and relative strength characteristics. 

Clearly, we spend a lot of time identifying and writing about leading stocks every week, via multiple reports.

...

There is a selection of international ETFs that have been consistently green over the trailing quarter.

China is one of them.

After accelerating higher, the iShares China Large Cap ETF $FXI has been consolidating its gains. However, what captures our attention is that the ETF has failed to break down and is now back above support. This is positive to see.

A big element the market is pricing in here is how a Trump administration will impact the Chinese economy. At 2pm ET today, JC is hosting an Inauguration livestream to discuss Trump's effect on the markets.

You can click here to tune in.

As precious metal investors, it's paramount to rotate between the metals themselves and mining companies to maximize our long-term gains.

The miners have historically treated shareholders poorly, but sometimes, it pays handsomely to own them.

Last week, we outlined a key level of interest in one of our favorite intermarket ratios. Based on this chart, we believe now is the time to buy the miners.

But it's not just the miners that've rewarded us for being long. The futures contracts are also trending higher, and we're looking to buy more on strength.

Every year I sit down with my 2 kids and put together a portfolio of Consumer Facing stocks. The picks aren't all retailers but each fits in the bucket of my expertise. They make products I can see, feel and sometimes taste. They are brands that evoke, or at least used to evoke, Feelings in domestic consumers and investors.

Most importantly, they are companies with Stocks I believe can make me, and my kids, money over the coming year. The portfolio gets adjusted periodically, opportunistically but never casually. We trade around the positions but the core is adjusted only when the stocks out-run their target, the story gets worse or we want to free up money for a better investment.

Those are the guiding principles guiding the Retail Round-Up Model Portfolio. Today and tomorrow I'm unveiling my favorite consumer longs for 2025 as it stands right now. My goal isn't to minimize risk or free-ride market trends. Your situation will vary but this is a concentrated, fairly aggressive portfolio designed for people with long time frames. The starting value was $10,000 as of 12/31/2024 with $10,000 split equally across these ten stocks. Any trades will be recorded as of the...

Donald Trump gets inaugurated today as the next president of the United States.

This comes after a historic republican landslide that betting markets had absolutely correct going into the election.

Anyone who thought it was 4 guys in a room manipulating the markets were actually just hoping that was the case, because they didn't like what the betting markets were saying.

Tough shit.

You ignored the market and it cost you. 

Bitcoin is making new all-time highs this morning as the first Publicly Pro-Crypto President in history is about to take office.

You don't have to like the guy. In fact, you can hate Trump. Or love him. It doesn't matter when it comes to how we're going to profit from it.

And that's what this is all about.

If you let your politics influence your decision making in the market, you're an extremist. And there's no room for extremism in turning a profit.

Separate the two, or it will not end well. That I promise you.

And we've seen it over the last year.

Many of the...

From the Desk of Steve Strazza @Sstrazza.

Welcome back to Under the Hood, where we'll cover all the action for the two weeks ended January 3, 2025. This report is published bi-weekly, in rotation with The Minor Leaguers.

What we do here is analyze the most popular stocks during the week and find opportunities to either join in and ride these momentum names higher, or fade the crowd and bet against them.

We use a variety of sources to generate the list of most popular names.

There are so many new data sources available that all we need to do is organize and curate them in a way that shows us exactly what we want: a list of stocks that are seeing an unusual increase in investor interest.

Click here for a behind-the-scenes look at our process.

Whether we’re measuring increasing interest based on large institutional purchases, unusual options activity, or simply our proprietary lists of trending tickers, there’s...