Chart of the Day: Getting Back Into Applied Materials Was a No-Brainer
The stock has been running hard for weeks as the company sees huge business coming for years.
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We recently added back an "old friend" to the Pro Portfolio in Applied Materials (AMAT) . The stock has been on a massive run with other equipment companies such as KLA Tencor (KLAC) and ASML Holding (ASML) .
The charts all look similar so it really was a matter of picking one favorite, and since we have had prior success prior with AMAT we went that route.
As for the chart of AMAT, we see higher highs and higher lows as the stock continues to impress. Even during market pullbacks AMAT continues to see money flowing into the stock; notice the solid gains in Chaikin money flow at the bottom.
Stochastics are rising through the market downturn, again another sign that big investors are ignoring the down market and selecting the best names in the universe.
The chart at the top shows blue or teal candles, bullish on the GoNoGo composite of indicators. MACD is just turning up for a new buy signal, so all systems go for higher prices in AMAT.
We like Applied Materials in TheStreet Pro Portfolio and rate it a One, or "buy at anytime."
Related: When Markets Go ‘Below Deck’: The Portfolio Strategy Built for Stormy Conditions
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At the time of publication, TheStreet Pro Portfolio was long AMAT.
