We last mentioned Mattr in the February 8th edition of the Daily Stock Report. It dipped back down into the yellow zone of the SIA S&P/TSX Composite Index Report, but in the last few days, its relative strength has improved again and the shares have returned to the Green Favored Zone.
In the last month, MATR.TO shares have climbed 5 spots to 54th place. Since February 7th, MATR.TO is up 10.5%, while the S&P/TSX Composite Index is up 4.2%.
Cloud computing and cybersecurity company Zscaler (ZS) had a very long period of relative strength between May of 2023 and February of 2024. Over that period, ZS climbed from the bottom of the red zone to the top of the green zone in the SIA NASDAQ 100 Index Report.
In recent weeks, however, Zscaler’s relative strength has eroded. Last month it fell into the yellow zone and this week it has returned to the Red Unfavored Zone for the first time since August. Since leaving the green zone, the shares are down 8.4%, while the NASDAQ Composite Index is down 0.6% over the same time frame.
Yesterday ZS finished in 56th place, down 2 spots on the day and down 51 positions in the last month.
Software producer Adobe Systems (ADBE) plunged 13.6% on Friday as investors reacted negatively to the company’s latest earnings report and guidance. The shares, however, had already been struggling technically on an individual stock and on a relative strength bases for some time ahead of the results.
Adobe fell out of the green zone in the SIA S&P 100 Index Report and the turn to relative weakness was featured in the February 21st edition of the Daily Stock Report. Since then, the shares dropped 9.1%, while the S&P 100 Index is up 2.7%.
Following a drop of 18 spots in the SIA S&P 100 Index Report on Friday, to 68th place, ADBE has returned to the Red Unfavored Zone for the first time since May of 2023.
With base metals, most notably Copper, along with precious metals like Gold and Silver, breaking out to the upside lately, mining stocks have been moving up in tandem and climbing in relative strength rankings.
Base metal miner Lundin Mining (LUN.TO) for example jumped another 4 spots in the SIA S&P/TSX Composite Index Report yesterday to 18th place. LUN.TO exited the red zone last November and returned to the Green Favored Zone in December. Since then, the shares are up 19.7%, while the S&P/TSX Composite Index is up 5.0% over the same period.
Base metal miner Hudbay Minerals (HBM.TO) has been climbing back up the rankings in the SIA S&P/TSX Composite Index Report since late November. It left the red zone in December and at the start of this month, it returned to the Green Favored Zone for the first time since August.
Hudbay finished yesterday in 9th place, up 21 spots on the day and up 63 positions in the last month. Over the last month, the shares have rallied 33.5%, compared with a gain of 6.7% for the S&P/TSX Composite over the same period.
In this edition of Equity Leaders Weekly, we look at the relative magnitude of recent market moves across asset classes and at the recent rally in (Copper/Hong Kong) China-Sensitive markets.
Oracle Corp. (ORCL) continues to work its way back up the rankings in the SIA S&P 100 Index Report. ORCL spent much of 2023 in the green zone but drifted down from the top of the report down into the red zone between July and December.
Since the start of this year, Oracle’s relative strength has rebounded. Yesterday, the stock jumped 11.75% as traders responded positively to better than expected earnings driven by increased AI related demand for its cloud computing services. This propelled the shares up 13 positions within the Yellow Neutral Zone to 29th place, three spots away from a return to the green zone.
With the price of Crude Oil on the rise in recent weeks, Energy stocks have been attracting renewed attention from investors and moving back up in broad market relative strength rankings.
Imperial Oil (IMO.TO), for example, has been climbing back up the rankings in the SIA S&P/TSX 60 Index Report for the last month, over which time it moved up 11 spots. Yesterday, IMO.TO returned to the Green Favored Zone for the first time since October after moving up another 2 positions to 15th place.
Shopify (SHOP.TO), has been on a relative strength roller coaster ride lately. A year ago, the shares climbed from the red zone to the green zone in the SIA S&P/TSX 60 Index report, then fell back into the red zone late last summer, and soared back up into the green zone in November.
In the last few weeks, relative strength has fallen off again, and SHOP.TO has dropped back out of the green zone and into the Yellow Neutral Zone. Over the last month, Shopify has dropped 24 spots to 25th position having declined 9.0% in comparison with a 1.65% gain for the S&P/TSX Composite Index over that period.
In this edition of Equity Leaders Weekly, we look at what breakouts by Crude Oil and Gold are telling us about inflation, investor sentiment and capital flows.
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