With the S&P 500 closing on Friday at the same level as it did on May 31, it is clear that there hasn’t been a lot of momentum in the U.S. stock market recently.
Still, there are stocks that are breaking out to the upside.
This week’s Momentum Trader Alert recommendation, Invesco Ltd. (IVZ), is one of them.
Invesco is an independent global investment manager operating in more than 20 countries in North America, Europe and the Asia-Pacific. Invesco offers a comprehensive array of investment services to retail and institutional investors in more than 100 countries.
Invesco Ltd. (IVZ) versus the S&P 500 year to date.
Momentum Trader Alert Analysis
Buy Invesco Ltd. (IVZ) at market today, and place your stop at $32.50.
If you want to play the options, I recommend the IVZ October $35 calls (IVZ171020C00035000), which last traded at $1.80 and expire on Oct. 20.
Nicholas A. Vardy