The Invesco QQQ’s made new 12-month highs this morning and continue to climb. The QQQ’s are testing prior resistance of $347. It seems beyond that, targets to the upside are $350 and $355. Below it, the next major potential support levels are $336.67, a gap fill to $331.65, with $330, $327, $324 with $320 and $317 below that.
HUBS- Hubspot (HUBS) provides a cloud-based customer relationship management (CRM) platform for businesses in the U.S and Internationally. HUBS crushed earnings estimates and increased full year guidance in early May and continues to make 12 month highs. It’s broken through the psychological $500 level and we think it can continue to go much higher from here.
BILL- Bill holdings (BILL) provides cloud-based software that simplifies, digitizes, and automates back-office financial operations for small and midsize businesses worldwide. Bill crushed earnings estimates in early May, and is now making a flagpole pattern. Unlike other tech tech stocks, it has yet to break this week out and we think it could be the next to go. This could be the beginning of the end of a longer term downtrend and a new uptrend for Bill.com.
LNTH- Lantheus develops, manufactures, and commercializes diagnostic and therapeutic products that assist clinicians in the diagnosis and treatment of heart, cancer, and other diseases worldwide. LNTH beat earnings estimates and raised guidance higher than expected in early May. This is a profitable company that continues to crush earnings estimates. It’s seeing some selling this morning but we think this is a good spot for another move higher as prior resistance becomes potential support. I wouldn’t be surprised to see this break out and continue to make new highs from here.