Q2 STOCKS TO BUY

Bull Signal Flashing for Outperforming Retail Stock

An unwinding of pessimism could also help the shares move higher

Deputy Editor
Jun 24, 2024 at 12:37 PM
facebook X logo linkedin


Dick's Sporting Goods Inc (NYSE:DKS) stock is enjoying a small boost today, last seen 0.4% higher at $230.27. The shares remain near their June 20 record high of $234.47, and sport a nearly 57% year-to-date gain. The stock could continue higher as well, given its setup.

Dick's Sporting Goods stock's recent peak comes amid historically low implied volatility (IV), as its Schaeffer's Volatility Index (SVI) of 27% ranks in the low 6th percentile of its annual range.

According to Schaeffer's Senior Quantitative Analyst Rocky White, DKS saw seven signals over the past five years when it was trading within 2% of its 52-week high, while its Schaeffer's Volatility Index (SVI) sat in the 20th percentile of its annual range or lower, as is currently the case. The stock was higher one month later after 86% of these signals, averaging an 8.22% gain. 

DKS Chart June 242024

An unwinding of pessimism could provide support as well. Of the 20 analysts in coverage, 10 carry a "hold" rating. What's more, short interest still represents 9.5% of the stock's available float, and would take more than four days to cover at DKS' average pace of trading. 

A shift in options traders' sentiment could also provide the equity with tailwinds. The security's Schaeffer's put/call open interest ratio (SOIR) of 5.84 stands higher than 99% of readings from the past 12 months, implying a put-bias amongst short-term options traders.

Furthermore, the security's Schaeffer's Volatility Scorecard (SVS) sits at an 90 out of 100, meaning DKS exceeded option traders' volatility expectations during the past year.

 
 

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here

GRAND SLAM COUNTDOWN

 
 

Featured Articles from Trusted Partners:

👀Learn How Dividends Create Passive Income for Life
Receive $200 Off Motley Fool Epic. The Motley Fool Epic $299 discounted offer is based on $499/year list price. Introductory promotion for new members only. Take control of your money and your portfolio with Motley Fool Epic.

💵New Income System Could Pay You $4,243 Monthly
You could collect an average of $4,243 per month starting as early as next week with a new payout system for income investors. New registrations are being accepted for investors who want to be in a position to start with their first payout next week.

🚀Easy 92% Crypto Dividends (No Coins Required)
COIN stock doesn't pay a dividend... But there's actually a new way to collect a massive dividend that's indirectly based on the stock and offers a terrific monthly income (currently yielding nearly 92% on a forward basis).

🤝Free Advisor Match with Wiseradvisor.com
Don't leave your retirement to chance! Get matched with a trusted financial expert for FREE and make the most of your tax refund. Get started now.

⚠️Dennis Quaid's #1 Warning for Americans
Here's the thing: life doesn't come with guarantees. The economy shifts, markets stumble, and years of hard work could slip through your fingers like sand. But it doesn't have to be that way for you. So request a free copy of this Gold & Silver Guide that will arrive right to your doorstep when you act now.

 

 
 

Follow us on X, Follow us on Twitter