Danielle Shay, Simpler Trading vice president of options, joins 'The Exchange' to discuss which stocks investors should be breaking down or breaking out.

NVIDIA has surged 57 percent, contributing to record highs in both the S&P and Nasdaq indices. Since April, the S&P has risen over 15 percent and the Nasdaq by 21 percent, prompting investors to question the sustainability of these gains. Danielle Shea, vice president of options at Simpler Trading, highlights ongoing momentum in sectors such as cybersecurity, quantum, and nuclear, indicating continued focus on stocks breaking to new highs. 

Shea notes that while the broader market has softened at the highs, significant breakouts are still occurring in stocks with high short float and among the top-performing 'mag seven' names. She advises investors to watch for stocks with at least 10 to 15 percent short float and to pay attention to companies that performed well in the previous earnings season, as these are likely to continue breaking out around earnings reports.

Quantum, nuclear names continuing to break out

NVIDIA, one of the best performers, jumping 57 percent during that time to hit another record high today. Look at it at 173. That's helped push the S&P and the Nasdaq to record levels. The S&P is up more than 15 percent since April, the Nasdaq up 21 percent. And all of these big moves have investors questioning what comes next, a further breakout or a breakdown? Joining us with our answer is Danielle Shea, the vice president of options at Simpler Trading. Putting it all on you, Danielle. You got to you got to tell us which way is it going. It's great to see you. Welcome. It's great to see you, Kelly. Well, you know, I'm a momentum trader and I love trading this momentum. And as of right now, I'm continuing to focus on stocks and sectors that continue to break to new highs. So I'm focusing on the relative strength stocks in the mag seven. I love cybersecurity right here. We also have quantum names and we have nuclear names that continue to break out. So so long as this trend continues, I'm going to keep riding it. So for those we were talking to Lori Calvacina earlier this week, who said her momentum factor, which is more like best performing stocks over the past 12 months that began stalling out in early July. I've heard others saying earlier this week we had like a big momentum day to the downside. So are you picking up on some of that or is that a rotation or maybe you're just looking at more idiosyncratic parts of the market? Well, you know, there's definitely the factor that the market has gotten a little bit soft at the highs. We're not seeing extreme breakouts except for in names that have high short float and those top mag seven names. So what you really want to look for when the market's at highs like this is you want to look for tickers that have at least 10 to 15 percent short float, because what happens is when that high is hit, those stocks typically keep going. So that's primarily what I'm looking for right here. And then I'm also focused on earnings. You have to look at tickers that performed really well last quarter over earnings, because what happens is that you continue to see those stocks breaking out, going into the report. And then if they have a positive report breaking out after the fact.

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Breakdown