BALTIMORE ( Stockpickr) – The big S&P 500 index is within striking distance of the 2,000-point level this week, a milestone that investors are watching closely as the final week of August trading kicks off.
What's the significance of 2,000? Well, nothing frankly. But the fact that it's a big round number with a lot of attention on it means that there are some important bullish sentiment implications if buyers can propel the big index through that price level with minimal resistance from gains-takers. During a stretch of summer where top-calling has been rampant, it'll provide a good hint that investors should expect this "buy-the-dips rally" to extend itself well into the second half of the year.
As I write, we're a measly 0.5% away from S&P 2,000 this mornin
But to make the most of the continued rally in stocks, it makes sense to focus on one subset that's predisposed to outperform the market averages. I'm talking about the "Rocket Stocks". Today, we're looking at five fresh Rocket names for a new week.
For the uninitiated, "Rocket Stocks" are our list of companies with short-term gain catalysts and longer-term growth potential. To find them, I run a weekly quantitative screen that seeks out stocks with a combination of analyst upgrades and positive earnings surprises to identify rising analyst expectations, a bullish signal for stocks in any market. After all, where analysts' expectations are increasing, institutional cash often follows. In the last 262 weeks, our weekly list of five plays has outperformed the S&P 500's record run by 79.66%.
Without further ado, here's a look at this week's Rocket Stocks.