For traders with a short-term time horizon looking for big moves, we have updated our list of the S&P 1500 stocks trading above $10 that have the largest intraday high-low ranges (based on the average percent spread between the intraday high and low over the last 50 days). The stocks are grouped based on whether they have a rising or falling 50-day moving average (DMA).  With the broader market trading sideways for the better part of the last six months, the fact that the list is pretty much evenly divided between stocks in uptrends and stocks in downtrends makes sense.

While we have seen some increased volatility in certain names over the last several trading days, it hasn’t been enough to cause much of an uptick in the average daily move of individual stocks.  Through Thursday’s close, just seven stocks in the S&P 1500 trading above $10 per share have seen average intraday moves of over 5%.  The most volatile of these six stocks is Applied Optoelectronics (AAOI), which averages an intraday range of 6%.  Unlike many prior months, you may also find that many of the names near the top of both lists are stocks that you may have actually heard of as well.

With a share price of under $40, AAOI’s average daily range works out to a little bit more than $2 per share, so it isn’t particularly large in dollar terms.  Two stocks listed below have share prices in the triple-digits, so their average daily dollar moves are considerably larger than AAOI.  RH trades at just over $130 per share, and with an average daily range of 4.4%, its average daily move is close to $6.  Likewise, Enanta Pharma (ENTA) trades at just over $100 and has an average daily range of nearly 5%.

Finally, of the 50 stocks listed, the only sectors not represented are Consumer Staples, Real Estate, and Utilities.  Sectors that are the most heavily represented are Health Care (13), Consumer Discretionary (12) and Energy (10).  Somewhat surprisingly, only seven stocks on the list are from the Technology sector.  Not much of a showing for the largest sector of the market.

Our recently launched Chart Scanner has become an incredibly popular and useful tool for clients as it gives a user the ability to quickly scan through hundreds of charts in order to find the most attractive (or unattractive) patterns.  Included with the tool are a number of pre-defined screens that allow users to see stocks that hit 52-week highs or lows in the previous session, experienced “death” or “golden” crosses, as well as charts which we view as having bullish or bearish patterns.  Each of these screens can be found using the drop-down box at the top of the page (as illustrated in the image below).

Today we wanted to provide a look at one of the two stocks that showed up on our screen of Death Crosses.  That stock is Coeur Mining (CDE).  If you aren’t familiar with the terms, a Golden Cross occurs when a stock’s 50-day moving average crosses above its 200-day moving average as both are rising.  Conversely, a Death Cross occurs when a stock’s 50-day moving average crosses down below its 200-day moving average as both are falling.  While we often note that the technical formations known as Golden and Death Crosses have a spotty record of accuracy, prior Death Crosses for CDE have been pretty bearish.  The chart below shows each of the prior four Death Crosses for CDE over the last ten years (2010, 2012, 2015, and last month in June).

Looking at the stock’s returns following each of the prior Death Crosses for CDE, the stock has seen negative returns on both an average and median basis.  One week later, the stock was down 3.1% (median: 0.0%) with gains half of the time.  One month later, though, the average (-7.77%) and median (-8.36%) returns were a lot worse with only one period of gains.  Finally, the average three-month change was a decline of over 17% with losses two out of three times.  In the past, we have been quick to point out how bad of a timing indicator Golden and Death Crosses have often been, but in the case of CDE, Death Crosses have usually been followed with losses.  As mentioned above, our Chart Scanner tool has become an incredibly popular feature of our Bespoke Premium service.  To start using it now, take a two-week free trial to Bespoke Premium today!

Between Facebook’s (FB) record plunge last week and some other high profile weakness in former leading stocks, we would have thought that individual investor sentiment would have taken a big turn for the worse this week.  While bullish sentiment did decline, the drop was smaller than we were expecting.  According to the weekly sentiment survey from the American Association of Individual Investors (AAII), bullish sentiment dropped from 31.52% down to 29.11%, which is actually smaller than the declines we saw in each of the prior two weeks when equities were doing better!

Although bullish sentiment saw just a small decline, bearish sentiment saw its largest one-week increase since the end of June, rising from 26.9% up to 32.1%.  Still, that’s hardly a level that indicates much in the way of worry.

Most of this week’s new bears came from off the fence, as neutral sentiment declined from 41.58% down to 38.81%.

Jobless claims came in lower than expected this week with the seasonally adjusted headline reading rising by 1K to 218K compared to consensus forecasts of 220K.  While it wasn’t a big ‘beat’ relative to expectations, let’s just put the string of recent low readings into perspective.  This week was the 178th straight week of sub 300K claims (a record), the 43rd straight week at or below 250K (longest streak since 1970), and the fourth straight week of readings at or below 220K (longest streak since 1969).

This week’s low reading in claims brought the four-week moving average close to a new cycle low this week as well.  At 214.5k, the average is now within just 1K of a new cycle low.  However, in order to break that prior low from May, we would need to see a reading next week below 211K (assuming no revisions).  It’s possible, but it will be tough.

Finally, the non-seasonally adjusted (NSA) reading of claims also declined this week to its lowest level for the month of July on record.  At 179.5K, it’s also over 117K below the average of 297K for the current week of the year dating back to 2000.