A very quiet day on Wall Street leading up into the FOMC announcement. That’s what most of the market expected and that’s exactly what we got. After the announcement of another 25-bps rate cut, the market was on fire, breaking out to highs and not looking back. Volatility cratered and risk-on was all around.
Check out Dave’s Daily Dive video above where I break down the market action today!!!
Each day I, Dave Bartosiak of Zacks.com (Twitter @bartosiastics) dive into the charts, pointing out key price action and levels for you to watch.
But it doesn’t stop there because the highlight of today’s video, which you can see for free by clicking above, is when I break down stock charts of a few key names today. I’ve got six Zacks Rank #1 (Strong Buy) stocks breaking out to new highs. The list of stocks I cover today include:
Costamare (CMRE - Free Report) Costamare Inc. owns and charters containerships to liner companies worldwide. As of October 3, 2019, it had a fleet of 75 containerships with a total capacity of approximately 538,000 twenty foot equivalent unit (TEU), including 5 new build vessels under construction. The company was founded in 1974 and is based in Monaco.
Copart (CPRT - Free Report) Copart, Inc. provides online auctions and vehicle remarketing services. It offers a range of services for processing and selling vehicles over the Internet through its Virtual Bidding Third Generation Internet auction-style sales technology to vehicle sellers, insurance companies, banks and finance companies, charities, and fleet operators and dealers, as well as for individual owners. The company's services include online seller access, salvage estimation, estimating, end-of-life vehicle processing, virtual insured exchange, transportation, vehicle inspection stations, on-demand reporting, title processing and procurement, loan payoff, flexible vehicle processing programs, buy it now, member network, sales process, and dealer services.
Ellington Financial (EFC - Free Report) Ellington Financial Inc., through its subsidiary Ellington Financial Operating Partnership LLC, acquire and manage mortgage-related, consumer-related, corporate-related, and other financial assets in the United States. The company acquires and manages residential mortgage-backed securities (RMBS) backed by prime jumbo, Alt-A, manufactured housing, and subprime residential mortgage loans; RMBS for which the principal and interest payments are guaranteed by the U.S. government agency or the U.S. government-sponsored entity; residential mortgage loans; commercial mortgage-backed securities; commercial mortgage loans and other commercial real estate debt; and residential mortgage loans.
Knoll Knoll, Inc., together with its subsidiaries, designs, manufactures, markets, and sells commercial and residential furniture, accessories, and coverings for the workplace and residential markets in the United States, Canada, Europe, and internationally. The company operates through Office and Lifestyle segments. It offers systems furniture, including integrated panels or table desks, work surfaces and storage units, power and data systems, and lighting products; office seating products comprising various work chairs; and files and storage products, such as lateral files, mobile pedestals and other storage units, bookcases, and overhead cabinets.
Insight Enterprises (NSIT - Free Report) Insight Enterprises, Inc. provides information technology (IT) hardware, software, and services solutions in the United States, Canada, Europe, the Middle East, Africa, and the Asia-Pacific. It sources, procures, stages, configures, integrates, tests, deploys, and maintains IT products spanning endpoints to infrastructure; and offers software life cycle, and hardware warranty and software maintenance services.
Universal Forest Products (UFPI - Free Report) Universal Forest Products, Inc., through its subsidiaries, designs, manufactures, and markets wood and wood-alternative products in North America, Europe, Asia, and Australia. The company offers preserved and unpreserved dimensional lumber; outdoor living products, including wood and wood composite decking and related accessories, and decorative lawn and garden products; and engineered wood components, which include roof and floor trusses, wall panels, engineered floor systems, I-joists, and lumber packages.
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