Stocks Struggled

New 52-Week Lows led New Highs — 85 vs. 17.

Riley Rosebee
April 15, 2024

Good evening. Welcome to Trends with No Friends.

For those just joining us, here’s an overview…

Trends With No Friends sifts through the noise and discovers stocks with high relative strength and low social following.

Why is this combination important?

Stocks that are outperforming tend to continue to outperform. Stocks that have a low social following are, by definition, undiscovered by the crowd. Stocks that have both Relative Strength and Low Social Following can really outperform as more investors discover them.

They are ripe to rip.

Stocks struggled.

Every major index and sector closed lower. The Nasdaq Composite cratered -1.79%.

Tech tumbled -1.90%. Real estate and consumer discretionary dipped approx. -1.70%.

New 52-Week Lows led New Highs — 85 vs. 17.

The Worst of the Worst

Rivian Automotive ($RIVN) is the worst of the worst. The EV manufacturer fell -8.00% and closed at an all-time low.

Here’s the disastrous daily chart.

And weak weekly chart.

$RIVN has 70,959 followers on Stocktwits.

GameStop ($GME) is a notable new low. The meme-stock stalled -6.59% and closed at its lowest price since Jan. 20, 2021.

Here’s the daily chart.

And weak weekly chart.

$GME has 257,361 followers on Stocktwits.

VinFast Auto ($VFS) is a notable new low. The Vietnamese EV maker unplugged another -9.44%.

Here’s the daily chart.

$VFS has 5,356 followers on Stocktwits.

The Best of the Best

Veralto Corp ($VLTO) is the best of the best. The new issue essential water service provider popped +2.85% and closed just shy of its all-time high.

Here’s the daily chart.