Stocks climbed through mid-afternoon trading on Tuesday as investors buy beaten-down stocks that are scattered across nearly every sector. Just last week, the S&P 500 was on the verge of entering a technical bear market when Wall Street dove in to buy stocks and stop some of the bleeding.

The unknowns in the market and the economy make it difficult to determine what will happen next. Inflation, rising interest rates, and economic and geopolitical turmoil are poised to remain top of mind for Wall Street as they continue to impact nearly every aspect of the market for the foreseeable future.

Thankfully, many stocks have already been recalibrated to far more reasonable levels, with valuations now starting to really reflect the rising interest rate environment. And there is no doubt that many of the most successful investors are currently buying strong stocks built to withstand the current headwinds.

That doesn’t mean investors should try to call a bottom and start buying up all of their favorite growth tech stocks that have been hammered. Instead, people might consider boosting their portfolio amid the turbulence by buying stocks that have not only withstood the selling, but managed to hit new highs recently despite the chaotic market so far this year.

Let’s explore a Zacks screen that will help investors find ‘Strong Buy’ stocks trading near their highs right now.

Don't Be Afraid of New Highs

Some investors might prefer not to buy stocks at new highs. But if somebody asked you what the best stocks in your portfolio are, it’s likely you would name the stocks moving up the most.

The most basic idea is that the winners in your portfolio are the ones going up. If a stock is underperforming the market or going down, you'll quickly identify it as one of your worst holdings. Therefore, it makes sense that some of these stocks will be reaching new highs along the way.

Many investors are hesitant to buy stocks making new 52-week highs. But there really isn’t any reason to be. Some may worry that they have already missed the mark at that point, or that now it has more room to fall. Still, a stock making a new 52-week high is a ‘good thing,’ just as one falling to a new 52-week low is a ‘bad thing.’

On top of that, would the person who doesn’t want to buy stocks making new highs be upset if a stock they owned broke out to a new 52-week high? Statistics have also shown that stocks making new highs have a tendency of making even higher highs. And aren’t these the stocks we all dream about?

Now obviously, the fundamentals need to be there, and you should try to keep an eye on valuations. But if you were in a stock making new highs and cheering it on, it seems odd to be afraid of one doing the same just because you haven't bought it yet.

Think about this: A stock just made a new-52 week high, which is great news. Guess what? Last year it made a new 52-week high as well. And the year before that. And the year before that. Can you imagine all the money you'd be leaving on the table if you were afraid of being in stocks every time they made a new high?

Parameters

• Current Price/52-Week High greater than or equal to .80

• Percent Change in Price over 12 Weeks greater than 0

• Percent Change in Price over 4 Weeks greater than 0

• Zacks Rank equal to 1

• Price/Sales Ratio less than or equal to Industry Median

• P/E (using F1 Estimates) less than or equal to Industry Median

• Projected One Year EPS Growth F(1)/F(0) greater than or equal to Industry Median

• Current Avg. 20-Day Volume greater than Previous Week's Avg. 20-Day Volume

• All of the above parameters are applied to stocks with a Price greater than or equal to $5 and an Average 20-Day Volume of greater than or equal to 100,000 shares.

• Percent Change in Price over 12 Weeks + Percent Change in Price over 4 Weeks equal to Top # 5

Here are two of the five stocks that made it through today’s screen…

Occidental Petroleum Corporation (OXY Quick QuoteOXY - Free Report)

Occidental Petroleum is an oil and energy giant that operates in the U.S., as well as the Middle East and North Africa. Occidental is one of the largest producers of U.S. oil and natural gas, with production in the Permian and DJ basins, and offshore in the Gulf of Mexico. The firm also operates midstream and marketing segments that provide “flow assurance and maximizes the value” of its oil and gas. Occidental has its eyes to the future as well, through various lower-carbon efforts.

Occidental posted record profit last quarter, while topping the Zacks EPS and revenue estimates last week. OXY is benefitting from higher oil and energy prices and its outlook for 2022 remains strong. Plus, Occidental’s industry is in the top 7% of over 250 Zacks industries at the moment. And its stock hit new 52-week highs Tuesday as news continued to spread that Warren Buffett’s Berkshire Hathaway added to its large Occidental position.

Griffon (GFF Quick QuoteGFF - Free Report)

Griffon Corporation is a diversified management and holding company that conducts business through wholly-owned subsidiaries. GFF operates within two broader reportable segments. Griffon’s Consumer and Professional Products unit includes branded consumer and professional tools, as well as residential, industrial and commercial fans, home storage and organization products, and much more. Meanwhile, its Home and Building Products division features garage doors, rolling steel doors, and beyond.

Griffon topped our Q2 financial estimates in late April, crushing our adjusted EPS estimate by 200% for the second quarter in a row. GFF stock soared after its release on the back of strong guidance. Zacks estimates call for its revenue to climb 19% this year and another 8% next year. Meanwhile, its adjusted earnings are projected to jump 69% and 10%, respectively during this stretch. And GFF pays a dividend.

Get the rest of the stocks on this list and start looking for the newest companies that fit these criteria. It's easy to do. And it could help you find your next big winner. Start screening for these companies today with a free trial to the Research Wizard. You can do it.

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Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.

Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance/.