Happy Friday! Wall Street’s most crowded trade is pushing into rare territory, with a valuation gap so extreme it’s raising alarms. And if history is any guide, this kind of divergence rarely lasts. Discover Wall Street's 'Ultimate Contrarian Trade.’ 

The market continues to climb the “wall of worry,” as the S&P 500 and NASDAQ hit new record highs. And while forecasts grow increasingly bullish, here’s a closer look where momentum may still be building starting with 5 Under-the-Radar stocks with strong momentum.

Plus, if you’re looking for an edge in options trading with predictive, forward-looking insights, check out today’s sponsor.

In Today's Edition

• MARKET RECAP

• MARKET HEATMAP

• FIVE ZINGERS

BENZINGA TRIVIA CHALLENGE

Time is almost up.

Today is your final chance this week to earn points and stay in the race for a Benzinga PRO or Edge subscription. Take the quiz and start climbing the leaderboard.

Missed yesterday’s quiz? Catch up here. Remember, scores are cumulative — the more you play, the higher your score, and the greater your chances of winning.

Wall Street's 'Ultimate Contrarian Trade’

A historic valuation gap, extreme by even dot-com era standards, is flashing a signal that Wall Street may be leaning too far in one direction.

Even as momentum continues to drive the market’s most crowded trade, subtle cracks are beginning to emerge as underlying data and technical patterns suggest the balance could be shifting. If history is any guide, this kind of divergence rarely lasts — and the reversal, when it comes, can be swift and unexpected.

Why Most Options Trades Fail

Trader,

Options trading changes everything, when it’s done right.

Unlike stocks, options let you capitalize when markets go up, down, or sideways.

But most traders still lose.

Why?

Time decay.

Options punish late entries. And if you’re reacting to price, it’s already too late.

That’s why the software I use forecasts market direction up to 3 days ahead, using patented, trend-predicting indicators, so you can position before moves happen.

No more guessing. No more chasing price.

It’s all broken down in this free, short eBook, including:

How pros use options for flexibility

Why time decay destroys most trades

How predictive A.I. flips the odds

Download the free eBook before your next trade.

Smart traders plan ahead. Everyone else reacts.

Yesterday: U.S. indexes finished higher Thursday, with the S&P 500 and Nasdaq both closing at fresh record highs, driven by optimism that a resolution will come soon in the war with Iran. The Nasdaq posted its 12th consecutive gain, marking its longest winning streak since 2009, while both indexes notched new intraday and closing milestones, with the S&P 500 surpassing 7,000 and the Nasdaq closing above 24,000 for the first time. Investor sentiment was further supported by historical trends, with data from Edward Jones suggesting that when the S&P 500 rebounds from a pullback of at least 8% and quickly reaches new all-time highs within four months, markets have typically continued higher. On average, the index has returned 5.5% in the six months following such moves.

On Our Radar: Analysts will be paying attention to remarks from Fed speakers (Daly, Barkin, Waller) throughout the day for signals on the policy outlook and broader economic conditions. On the earnings front, all eyes will be on Alaska Air Group (ALK) which will report after the market close on Monday.

Semiconductors were flying high today with AMD (AMD), Intel (INTC), Dell (DELL) and On Semiconductor (ON) leading the market to new all-time highs. On the other side, Charles Schwab (SCHW), Lucid (LCID), Royal Caribbean (RCL), and Carnival (CCL) were among the top laggards on the day. But those weren’t the only companies making big moves. Here’s a look at some of the biggest winners and losers on Thursday.

Discover how the market is moving with our interactive heatmap. Filter by market cap, or click on any box to explore specific sectors or assets in more detail.

Where ‘ARK’ You?: With markets are record highs, one of Wall Street’s most-watched active managers has seemingly gone quiet. Read on to see what this unusual “no-trade” streak could be signaling.

Crude Awakening: Oil is still stuck above $90 and drivers are feeling it at the pump, but parts of the energy sector are trading like everything is already “back to normal.” Check out the disconnect as well as 7 energy stocks trading at a wide discount.

Capitol Picks: A senator is quietly loading up on a few Magnificent Seven names, and the timing is raising some eyebrows. See which stocks are getting scooped up.

Quantum Signal: A quiet signal from Nvidia has sparked debate over a potential mispricing in the quantum space. One name highlighted by Citron Research could be the real standout with big upside.

Stock Of The Day: IonQ is surging after a critical technical breakout that has traders rethinking the trend. But is the breakout real? Click here to find out.

See How Modern Prop Firms Are Giving Traders A Path To Professional Capital

Why risk personal capital when you don’t have to? A new prop trading model is giving traders an opportunity to access professional capital across stocks and futures. Join PropShopTrader co-founder Sean Kozak live on Thursday, Apr. 23, at 11 a.m. ET to learn how modern prop firms are helping traders build consistency, manage risk and move beyond the limits of self-funding.

Whether you’re just getting started or already actively trading, this session will offer a practical look at how today’s multi-asset prop model works. Attendees will learn the mechanics of proprietary trading, how traders are evaluated and what to look for in a prop firm.

Register here.

BEFORE YOU GO

Were you forwarded this email? Click here to subscribe.

And be sure to check out our other newsletters:

Future Finance: Where fintech, crypto and the future of finance collide. Future Finance is a perfect lunch read packed with quick bites for industry enthusiasts. Subscribe here.

Advisor: Tailor-made for Financial Advisors, this weekly newsletter has industry-specific insights, analysis, and news. Subscribe here.

Tech Trends: Get the inside scoop on AI, the hottest gadgets and mind-blowing tech trends. Subscribe here.