Energy stocks, both producers and service companies like Precision Drilling (PD.TO), came under significant pressure yesterday as oil & gas prices retreated. Precision Drilling has slid back down into the Yellow Neutral Zone yesterday, falling 7 positions to 68th place.
Between the slowdown in the housing sector and the price of lumber trading at less than half of where it was six months ago, forest products stocks like West Fraser Timber (WFG.TO) have started to struggle. WFG.TO has been sliding down the rankings in the SIA S&P/TSX Composite Index Report since July. Yesterday it dropped out of the green zone into the Yellow Neutral Zone after falling another 17 positions to 65th place.
Coal port operator Westshore Terminals (WTE.TO) dropped down into the Yellow Neutral Zone within the SIA S&P/TSX Composite Index Report on Friday for the first time since July of 2021. During the year-plus Westshore spent in the green zone, it returned 33.2%. On Friday it finished in 65th place, down 13 spots on the day and down 39 positions in the last month.
For the second time since plunging down the rankings in the SIA S&P/TSX Composite Index Report earlier this year, waste management company GFL Environmental (GFL.TO) is trying to make a comeback, climbing up out of the red zone into the Yellow Neutral Zone. Yesterday it jumped 34 positions to 112th place.
Since the start of 2021, Qualcomm has been riding up and down the rankings in the SIA S&P 500 Index Report like a roller coaster, having completed multiple trips between the red and green zones. After climbing through the spring and into the early summer, QCOM has started to sink again lately falling out of the green zone back into the Yellow Neutral Zone. Yesterday, Qualcomm finished in 180th place, down 16 spots on the day and down 126 positions in the last month.
In this edition of the Equity Leaders Weekly, we look at the impact of political tensions in Europe and Asia on the Uranium and Semiconductor sectors.
It has been a short, sideways week for equity markets. Stocks fell heading into the holiday weekend and have bounced back a bit to start a new week, but not enough to offset their previous declines, leaving markets essentially in a holding pattern for the moment. In this issue of Equity Leaders Weekly, we consider the wider implications of recent weakness in Taiwan shares and at a breakout in the oilfield service sector.
Last week, Bath & Body Works decisively broke out of a downtrend, completing a bullish Falling Wedge pattern, regaining $50.00 and climbing back above its 50-day moving average. This week, the shares have continued to climb, confirming the start of a new upswing and trending toward a test of $60.00 where a breakout would confirm the start of a recovery trend.
Last month, a downswing in Caterpillar (CAT) shares bottomed out after being contained by support near $180, a previous breakout point. Since then, the shares have been bouncing back within their wider, well established trading range. Recently, the shares have been climbing on higher volumes, a sign of increased accumulation and yesterday they closed above $230 for the first time since June of 2021.
Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.
