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BTIG says that while the overall stock market may not see big gains in the first half of 2024, there are still plenty of potential winners for investors to bet on. The investment firm released its top stocks for the first half of the year in a note to clients on Tuesday, along with technical analysis from strategist Jonathan Krinsky. The strategist believes the market will look very different from the tech-driven rally in the first half of 2023. [S & P 500] It could make a small new high in early 2024 and perhaps challenge ~5,000, but we ultimately expect a wide trading range as the rotation continues behind the scenes. “Initial support is around $4,600, with key long-term support at $4,200-$4,300,” Krinsky said in a note. One sector that could benefit from a change in investor policy is healthcare, which underperformed in 2023. Abbott Laboratories is a top contender Abbott Laboratories recovers from October selloff, with healthcare stocks taking the lead The S&P 500 is up 2.4% in January so far compared to a 1.1% decline in the broader index. But another top pick on BTIG with a good price chart is Okta, which could be poised for a breakout after stabilizing in recent months. EXPE 3M Expedia’s December rally could be just the beginning of a larger move, according to BTIG. Much of the stock market rotation can be attributed to the strong performance of small and mid-cap stocks, which benefited from renewed momentum in the fourth quarter. BTIG said the group could continue to close the gap with mega-tech companies in the first half of the year. “The big question heading into 2024 is whether the economic expansion we have begun to see over the past two months continues, or whether we will see some pullback in the mega-cap tech stocks. , it means you can think of a little bit of both,”’ Krinsky said. Two of BTIG’s top small-cap stocks that have been gaining momentum recently are shoe maker Steve Madden and software company GitLab. These stocks have gained 28% and 31%, respectively, over the past three months. —CNBC’s Michael Bloom contributed reporting.
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