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Poll Results + This “Strong Bullish” Stock Is Outpacing the S&P 500
The results are in!
Innovative artificial intelligence (AI) tech and mega caps have driven an impossible-to-ignore 2024 market rally.
We’ve watched those same stocks give back a chunk of gains in recent days. But it’s still been an incredible year, prompting our Money & Markets Daily poll last week.
(If you’re wondering why AI stocks have declined lately, Matt Clark’s analysis from yesterday is a must-read. Click here to catch up.)
We wanted to know how bullish you were for the rest of 2024. Check out the results of our poll below:
Thank you to all who voted in our poll! We have a bullish crowd reading Money & Markets Daily.
Of the almost 200 results we received, 87% of you believe the S&P 500 will finish the year with a gain, and 65% of you think the index can finish at least 10% higher.
For reference, the S&P 500 has averaged a 10% gain over the last 100 years, so it’s clear that most of you expect a strong finish for 2024.
That prompted me to investigate using Green Zone Power Ratings and find a stock in a strong position for the latter half of the year…
Want to Go for a Run?
I’ve been running (slowly) in fits and starts for years now. Some readers may remember I had set a goal to train for the Peachtree Road Race in Atlanta earlier this month…
Another bout with COVID threw a wrench in that plan, but I’m getting back out there again.
And I never leave the house without my old Garmin watch. This was an aspirational purchase about a decade ago, but it’s seeing heavy use now. (Past Chad had a 10-year plan … clearly.)
The watch sat in a drawer for years, and it booted right back up without issue when I started “Couch to 5K” for the umpteenth time last July.
Now, I’m a little obsessed … I’m poring over data, tracking my goals, and even researching an upgrade for my watch, which I’ve nicknamed “The Tank.”
Anyway, Garmin Ltd. (NYSE: GRMN) was mentioned in one of our recent live calls, which prompted me to look up the stock in Adam O’Dell’s proprietary system.
And I was in for a pleasant surprise:
GRMN’s Green Zone Power Ratings in July 2024.
GRMN stock rates a “Strong Bullish” 82 out of 100 in Green Zone Power Ratings! Stocks in this lauded category are set to outperform the broader S&P 500 by a rate of 3-to-1.
At first glance, what stands out most is Garmin’s strong ratings on Momentum (95) and Volatility (88).
Like my heart rate as I struggle to hit a 12-minute pace in the South Florida heat, GRMN stock keeps steadily climbing higher. It has gained almost 60% over the last year (close to tripling the S&P 500’s 21% gain).
According to Garmin’s latest earnings report, the company has also increased its operating income by 51% to $298 million year-over-year. That’s contributing to its near-perfect 99 rating on our Quality factor.
All told, if you’re looking for a bullish stock that will outpace the market for the rest of 2024 (and beyond), Green Zone Power Ratings is giving GRMN the green light.
Now, back to hunting for “The Tank’s” replacement…
Until next time,
Chad Stone
Managing Editor, Money & Markets