Author: Alvin Yee

ERO Copper (ERO.TO) has dropped from over $32 to around $19, now in the SIA Unfavored zone with a low SMAX score of 0, signaling near-term weakness. The copper sector is facing challenges, with several leaders, including ERO.TO and III.TO, showing declines, and YTD returns for the subsector under pressure. Hudbay Minerals (HBM.TO) continues to lead in the SIA Copper Matrix with strong YTD gains, though it faces resistance at $12.95 and support at $11.96 to $9.14.

Tesla Inc. (TSLA) one of the stocks that fell out of the so-called “Magnificent Seven” over the first half of this year, has been on the rebound lately. Recent price gains have enabled Tesla to climb up out of the red zone in the SIA S&P 100 Index and move back up into the Yellow Neutral Zone for the first time since last October. Currently, Tesla is in 35th place, up 18 spots yesterday and up 26 positions over the last month.

Today, we are going to look at Dollarama Inc. DOL.TO finished in 43rd position, up 3 spots on the day and up 46 places in the last month in the SIA TSX Composite Index. Over the last month, the shares are up 13.33%, compared with a decline of -1.14% for the TSX Composite Index.

Today we are going to look at Goeasy Ltd. GSY.TO finished in 31st position in the SIA TSX Composite Index, up 3 spots on the day and up 11 places in the last month. Over the last month, the shares are up 10.45%, compared with a decline of -2.04% for the TSX Composite Index.

Despite news of a positive US retail sales report on Monday, US retailers have been struggling on a relative basis for some time. Home Depot (HD) for example, failed in its latest attempt to return to the green zone in the SIA S&P 100 Index Report for the first time in over two years. Home Depot is currently only three spots away from a return to the red zone for the first time since December. Over the latest month, HD shares have fallen by 10.3%, a much steeper falloff than the 0.9% dip made by the benchmark S&P 100 Index.

Semiconductor stocks started the year off strong and were one of the top performing groups for the first part of the year. In recent weeks, capital has started to rotate out into other sectors and relative outperformance has been eroded. For some chipmakers relative performance has also weakened relative to other stocks in the group.
Advanced Micro Devices (AMD), for example, started to slide down the rankings in the SIA S&P 100 Index Report about a month ago. Starting from near the top of the relative strength rankings, it fell out of the green zone earlier this month. Since then, AMD has fallen down through most of the Yellow Neutral Zone, and it is currently only a few spots away from dropping into the red zone. AMD is currently in 50th place, down 45 spots in the last month.
AMD was in the green zone between November and April, over which time it returned 46.2%, compared with a gain of 18.0% for the S&P 100 Index over the same period. Since leaving the green zone earlier this month, AMD has lost 3.3%, while the S&P 100 Index has lost 1.1%.

With the price of Gold soaring to new all-time highs, gold and silver streaming stocks have been climbing in relative strength rankings as well. Today, we are going to look at Wheaton Precious Metals (WPM.TO) which we last commented on January 23, 2024, when the shares fell out of the Favored Zone into the Neutral Zone and further to the Red Zone on the SIA S&P/TSX 60 Index earlier this spring. Now the shares have clawed its way back into the Favored Zone of the TSX 60 Index.
Yesterday, WPM.TO finished in 15th position, up 3 spots on the week and up 36 places in the last month. Over the last month, the shares are up 18.83%, compared with a gain of 0.32% for the TSX 60 Index.

With the price of Gold soaring to new all-time highs, gold producers have been climbing in relative strength rankings. For the last two months, Agnico-Eagle Mines (AEM.TO) has been climbing back upward within the SIA S&P/TSX 60 Index Report. After falling through the first six weeks of this year, AEM.TO was deep in the red zone in February but since then, it has made its way back up into the Green Favored Zone for the first time since June.
Yesterday, AEM.TO finished in 12th position, up 2 spots on the day and up 24 places in the last month. Over the last month, the shares are up 12.5%, compared with a gain of 1.6% for the S&P/TSX Composite Index.

Energy producer Cenovus Energy (CVE.TO) has steadily been marching its way back up the relative strength rankings in the SIA S&P/TSX 60 Index Report for the last two months. Starting near rock bottom in February, the shares exited the red zone in March, and yesterday, they returned to the Green Favored Zone for the first time since November.
In the last month, CVE.TO has climbed 28 spots to 15th place. Over that time, the shares have gained 13.9% while the S&P/TSX Composite Index has moved up 2.1%.

Copper, Zinc, and Coal producer Teck Resources (TECK.B.TO) has been climbing up the relative strength rankings in the SIA S&P/TSX 60 Index Report, benefitting from a rally in energy and base metal prices.
The shares spent the late autumn and winter down in the red zone, but in recent weeks it has been on the rise, leaving the red zone in late March and returning to the Green Favored Zone this month for the first time since October.
TECK.B.TO has climbed 33 places in the last month, including a rise of 3 spots yesterday to 11th position. In the last month, the shares have rallied 19.8% compared to a gain of 2.9% for the S&P/TSX Composite Index over the same period.