Here Are the Top 10 Soaring Stocks in the Past 10 Days, with Nvidia Surging Nearly 30%

US stocks closed at session highs on Monday after posting their best week in a year as the markets continued to rally in a sharp turnaround from their early August sell-off.

Momentum traders and a surge in corporate buybacks promise to drive a US stocks rally over the next four weeks, according to Goldman Sachs Group Inc.’s trading desk.

"Current positioning and flows will act as a tailwind as sellers are out of ammo.” Scott Rubner, managing director for global markets and tactical specialist at the bank, wrote in a Monday note.

Gains in stocks can be fueled by flows from the so-called trend-following systematic funds. Such funds are back to releveraging after cutting their total long exposure from $450 billion in July to $250 billion currently. That flow of funds demand will have a larger impact when adjusted for August’s lower liquidity.

The abrupt selloff in early August attracted dip buyers, fueling the biggest buying opportunity this year. But Rubner says risk-on momentum won’t stop there: after a volatile stretch leading to November presidential election, the S&P 500 Index may rally to 6,000 toward year-end — roughly an 7% gain from Monday’s close.

"With the market pullback, especially the more significant correction on the growth side of the market, sentiment now looks more balanced than it was earlier this month," said Drew Pettit, Citi's U.S. equity strategist.

Analysts at Citi have projected that the S&P 500 could reach 5,800 level by the end of this year and the firm views growth stocks as increasingly attractive in light of the latest pullback.

Source: Yahoo Finance, Bloomberg