3 Big Stock Charts for Monday: Bank of America Corp (BAC), Bristol-Myers Squibb Co (BMY) and Advance Auto Parts, Inc. (AAP)

Sometimes its amazing how the market can change over a weekend, which is one of the reasons that we often hold off on adding new positions on Friday afternoons.  This weekend’s news cycle focused heavily on the tax reform bill pressing through Congress resulting in this morning’s strong reversal of Friday’s selling spree.

Over the short-term, we expect the news to carry stocks higher except for some of the technology sectors.  Today’s Three Big Stock Charts looks at Bank of America Corp (NYSE:BAC), Bristol-Myers Squibb Co (NYSE:BMY) and Advance Auto Parts, Inc. (NYSE:AAP).  All three of the companies are breking into volatility rallies that should carry them higher into the New Year.

Bank of America Corp (BAC)

The combination of higher rates and strong economic activity has the larger banks in rally mode.

Bank of America shares are flashing signs that the intermediate-term trend is ready to carry shares higher as the stock heads into the seasonally strong year-end trade.

Bristol-Myers Squibb Co (BMY)

Technology and pharmaceutical stocks have been lagging the market of late, but there are some stocks within those group that are presenting themselves as opportunities — like Bristol-Myers Squibb. After spending some time consolidating, the shares are ready to move higher with the market.

Advance Auto Parts, Inc. (AAP)

After seeing the “sell the news” crowd bring Advance Auto Parts shares lower after their positive earnings results, the stock has regained its technical composure as it moves into a bullish rally. The dip provided by the post-earnings selling gave traders a great opportunity to get in to shares ahead of what is likely to be a strong year-end run.

As of this writing, Johnson Research Group did not hold a position in any of the aforementioned securities.

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