A relative strength uptrend for nuclear power producer Exelon (EXC) peaked back in June at #1 in the SIA S&P 100 Index Report. Since then, EXC has been steadily sinking back down in the rankings, drifting into the Yellow Neutral Zone. Yesterday it slipped 2 spots to 31st place.
In this edition of the Equity Leaders Weekly, we take a closer look at the UK as an example of sentiment toward international equities, and what action in some of the more defensive sectors like Consumer Staples is telling us about the state of the market.
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An uptrend in relative strength for railroad Union Pacific (UNP) peaked back in April and since then, it has been trending back downward in the rankings of the SIA S&P 100 Index Report. It recently slipped back into the Red Unfavored Zone and finished yesterday in 54th place, down one position on the day.
Natural gas and liquids pipeline ONEOK (OKE) spent most of the last two years in the green zone of the SIA S&P 500 Index Report, but its relative strength has weakened lately. The first crack and dip into the Yellow Neutral Zone came in June. A summer rebound appears to have ended with the shares starting to roll down in the rankings once again. Yesterday, OKE finished in 129th position, down 31 spots on the day and down 53 places in the last month.
With the prices of crude oil and natural gas in retreat, energy producing stocks have started to slide back down the rankings in the SIA S&P/TSX Composite Index Report. Paramount Resources (POU.TO) for example, completed a summer round trip between the Red Unfavored Zone and the green zone last week. On Friday, after the shares lost 10.1% of their value, POU.TO fell 61 positions to 144th place.
The performance of software producer Descartes Systems Group (DSG.TO) provides an example of the relative strength roller coaster ride technology stocks have been on within equity markets this year. Back in December and January, DSG.TO dropped from the green zone in the SIA S&P/TSX Composite Index Report down into the red zone. It remained depressed until June when it rallied back up into the green zone. Since the beginning of August, Descartes’ relative strength has been eroding and it recently dropped back into the Yellow Neutral Zone. Yesterday it finished in 66th place, down 2 spots on the day and down 11 positions in the last month.
After spending July and August at or near the top the top of the rankings in the SIA S&P/TSX Composite Index Report, Vermilion Energy (VET.TO) has started to tumble down the rankings in the last two weeks. Earlier this week, it fell out of the green zone and into the Yellow Neutral Zone and has continued to trend downward, falling another 5 spots to 68th place.
In this edition of the Equity Leaders Weekly, we take a closer look at the implications of a rising US Dollar for asset prices and corporate earnings and at the state of international equity markets.
Hotel and casino operator Las Vegas Sands (LVS) continues to climb up the relative strength rankings in the SIA S&P 500 Index Report. In July, it entered the Green Favored Zone for the first time since its debut in 2019, and following a short slip back into the yellow zone, it has returned to the Green Zone once again. Yesterday it climbed 14 positions to 126th place.
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