Yesterday, Qualcomm finished in 13th position, up 6 spots on the month and up 44 places in the last quarter. QCOM first entered the Green Favored Zone of the SIA S&P 500 Index on December 15th at a price of $143.13. The shares have remained in the favored Zone ever since and the closing price of the shares is now at $202.17 representing at 41.2% price increase in a little over 6 months time vs. +15.9% for the S&P 500
Since peaking back in April near $180.00, accumulation in Canadian National Railway (CNR.TO) shares has shifted from accumulation to distribution. A new downtrend of lower highs has emerged and two weeks ago, the shares completed a bearish Double Bottom pattern in a jump in volume, signaling an increase in selling pressure.
Magna International (MG.TO) has been trending downward since peaking back in May of 2021, but in recent weeks, distribution has intensified as former support levels near $70.00 and then $60.00 have failed while volumes have increased, a sign of increasing selling pressure.
Moderna (MRNA) spent most of 2023 under distribution, then a six-month period from November to May under accumulation. Last month, the shares peaked and started to fall back in what looked like a normal correction. It now appears that the recent uptrend is over and a new downtrend has started.
It has been a very mixed week for world equity markets. Although some major US indices have continued to rally to all-time highs, including the S&P 500 and the NASDAQ, these highs have been marginal, suggesting upward momentum is slowing. Gains have been concentrated in a shrinking number of large cap stocks, mainly in the semiconductor sector. In this edition of Equity Leaders Weekly, we look at concentration in the US equity market and the ongoing selloff in Europe.
Canadian engineering stocks started the year off strong but recently stalled out for a few weeks. Unlike some of its competitors, which saw their relative strength weaken considerably, AtkinsRéalis* (ATRL.TO) remained highly ranked through this period, staying in the upper half of the Green Favored Zone in the SIA S&P/TSX 60 Index Report, while its SMAX score remained above 7.
ATRL.TO has consistently been in the Green Favored Zone of the SIA S&P 60 Index Report since March of 2023. Over that time it has gained 93.5%, while the S&P/TSX Composite Index has climbed 4.5%.
CargoJet Inc. (CJT.TO) returned to the Green Favored Zone in the SIA S&P/TSX Composite Index Report yesterday for the first time since October of 2020. Cargojet shares have moved up 75 spots in the last week, including a rise of 11 positions yesterday leaving the red zone and quickly driving up through the yellow zone and in doing so prices have broken out to the upside, confirming renewed accumulation and the start of a new uptrend.
A significant relative strength event happened yesterday when the iShares S&P 100 Index ETF (OEF) climbed up into the Green Favored Zone of the SIA S&P 100 Index Report by moving up two spots to 26th place. This is the highest rank the Index ETF has achieved, topping previous peaks at 27, the top of the yellow zone. OEX reaching the Green Favored Zone means that 75% of the stocks in the SIA S&P 100 Index Report are losing in head to head battles with the Index.
Waste management company GFL Environmental (GFL.TO) has reversed a downtrend this month. After spending much of this year drifting downward within the SIA S&P/TSX Composite Index Report, GFL.TO has popped back up into the Green Favored Zone for the first time since March, up from the red zone.
ZFN.TO ETF units are up 22.6% Year to Date, compared with a gain of 13.92% for the S&P 500 Index and a gain of 3.53% for the S&P/TSX Composite Index so far in 2024.
At the end of May, the largest weighted sectors within the fund were Information Technology, Industrials, Consumer Discretionary and Energy.
Today’s featured holding, Broadcom* Ltd. (AVGO) has been consistently held in the fund since January of 2023. It has been in the news this week around the announcements of quarterly earnings and a 10 for 1 stock split.
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