AltaGas Ltd. (ALA.TO) has moved up in the SIA TSX Composite Index Report on the edge of the Neutral zone in the 61st position needing just 4 more spots upwards to move into the Favored zone. Altagas has moved up 6 positions in the last week, 46 spots in the last month, and 88 spots in the last quarter.
Today, we are going to look at Caterpillar Inc (CAT) which we last commented on in the June 14th edition of the Daily Stock Report when it just entered the Favored Zone in the SIA S&P 100 Index Report at a price of $245.44. Now the shares are at $274.51 representing a 11.8% increase in just two months time. The shares currently occupy the #5 spot in the S&P 100 Index, up 1 spot in the last week and 49 spots in the last quarter.
In this issue of the Equity Leaders Weekly, we look at the CBOE 10-Year Interest Rate and US Dollar Index.
Drugmaker Eli Lilly (LLY) has had a nice run in the Favored zone of the SIA S&P 100 Index Report where it holds the #1 ranking now. LLY has the best 1 day, 1 week, and 1 month performance out of all the holdings in the Report after a strong Q2 Earnings Report. Eli Lilly moved into the Favored zone in early April of 2023 and rose to one of the top holdings in the report after just a month.
Atlassian Corp. (TEAM) is an Australian Software Company that develops products for software developers and project managers. 10 days ago, the company’s latest earnings results forecast cloud computing revenue to increase by 25-30% and saw adjusted fourth-quarter earnings more than double from $0.27 to $0.57 above estimates leading to its largest one-day performance spike in 2 years. As a result, TEAM has moved up 12 spots over the last week and 28 spots over the past month within the NASDAQ 100 SIA ranked Index Report. The company currently is ranked 19th within the Favored zone since entering at the end of last week.
SNC Lavalin (SNC.TO) has been steadily working its way up in the SIA S&P/TSX Composite Index Report since the start of this year, after spending all of 2022 stuck in the Red Zone. In March, it returned to the Green Favored Zone for the first time since September of 2021, and has gained 37.1% since then. Yesterday, SNC.TO climbed another 9 spots to 3rd place, and it is up 29 positions in the last month.
For the first time since joining the SIA S&P 500 Index Report back in March, grain trading and food processing company Bunge (BG) has entered the Green Favored Zone. This continues an upward trend which started in July and suggests that within yesterday’s broad market selloff there may have been some rotation into commodity and/or defensive sectors. Bunge currently sits in 111th place, up 64 spots yesterday and up 195 positions in the last month.
In this edition of Equity Leaders Weekly, we look at the VIX and bond prices for insight into changes in investor sentiment.
Drugmaker Merck (MRK) has been slipping down the rankings in the SIA S&P 100 Index Report since March. In July it fell out of the green zone into the Yellow Neutral Zone for the first time since last September and has continued to trend downward. Yesterday, Merck finished in 33rd position, down 2 spots on the day and down 17 places in the last month.
Tourmaline Oil (TOU.TO) has been steadily climbing up the rankings in the SIA S&P/TSX 60 Index Report since May. In June it exited the red zone and in July it returned to the Green Favored Zone for the first time since January. TOU.TO continues to rise up the relative strength rankings, finishing in 12th place yesterday, up 1 spot on the day and up 16 places in the last month.
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