Speculative, expensive and beaten down; meet the stock market's new leadership
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The middle of June marked a turning point for the stock market and new leadership has emerged for the recent run-up, according to Credit Suisse.
Driving returns have been stocks that are Speculative (high correlation to Bitcoin (BTC-USD)), Expensive (high P/E), Beaten Down (52-week drawdown), Volatile (high correlation to falling VIX (VIX)) and Highly Shorted.
The S&P 500 (SP500) (NYSEARCA:SPY) is up about 10% since the middle of June. During that time Speculative stocks have seen the best equal-weight return at 16.8%, closely followed by Expensive, up 16.6%. Beaten Down stocks posted a return of 14.6%, Volatile rose 14.1% and Highly Shorted stocks had a return of 10.3%.
"With commodity prices falling and economic data softening, inflation is projected based on both breakevens and economist forecasts to steadily decline over the next 24 months," Credit Suisse's equity analysts wrote. "We believe this will lead the Fed to pivot toward more dovish policy as we move toward the latter part of the year, supporting a continuation of the marketâs current rally and factor leadership."
Here are the top 50 stocks exposed to those factors:

Ceridian (CDAY): Spec, Exp, BD, Vol, HS
American Airlines (AAL): Spec, Exp, Vol, HS
Generac (GNRC): Spec, BD, Vol, HS
Carnival (CCL): Spec, BD, Vol, HS
Caesars (CZR): Spec, BD, Vol, HS
Etsy (ETSY): Spec, BD, Vol, HS
Norwegian Cruise (NCLH): Spec, BD, Vol, HS
Penn National (PENN): Spec, BD, HS
Salesforce (CRM): Spec, Exp, BD, Vol
Intuit (INTU): Spec, Exp, BD, Vol
Paycom (PAYC): Spec, Exp, BD, Vol
Las Vegas Sands (LVS): Exp, BD, Vol
PVH (PVH): Spec, BD, Vol
Royal Caribbean (RCL): BD, Vol, HS
Tesla (TSLA): Spec, Exp, Vol
Wynn Resorts (WYNN): BD, Vol, HS
DexCom (DXCM): Spec: Spec, BD, Vol
Cadence Design (CDNS): Spec, Exp, Vol
Enphase Energy (ENPH): Spec, Exp, Vol
EPAM Systems (EPAM): Spec, BD, Vol
Fortinet (FTNT): Spec, Exp, Vol
Monolithic (MPWR): Spec, Exp, Vol
ServiceNow (NOW): Spec, Exp, Vol
Nvidia (NVDA): Spec, BD, Vol
PayPal (PYPL): Spec, BD, Vol
SolarEdge (SEDG): Spec, Exp, Vol
Synopsys (SNPS): Spec, Exp, Vol
DISH Network (DISH): Spec, BD, HS
Warner Bros. Discovery (WBD): Exp, BD, HS
Albemarle (ALB): Spec, Vol
Boeing (BA): Exp, BD
Aptiv (APTV): BD, Vol
Bed Bath & Body Works: BD, HS
Domino's Pizza (DPZ): Exp, HS
Expedia Group (EXPE): BD, HS
Ford (F): BD, Vol
Abiomed (ABMD): Spec, Exp
IDEXX Labs (IDXX): Exp, BD
Illumina (ILMN): Exp, BD
MarketAxess (MKTX): Exp, BD
MSCI (MSCI): Spec, Exp

See why the short squeeze trend is looking long in the tooth.