Recent renewed interest in the Energy sectors appears to have expanded into alternative energy related stocks as well. Electric vehicle producer Tesla Motors (TSLA) returned to the Green Favored Zone of the SIA S&P 100 Index Report, continuing a summer relative strength recovery. Yesterday the shares finished in 23rd place, up 6 spots on the day and up 33 spots in the last month.
A summer correction in Imperial Oil (IMO.TO) has come to an end with the shares decisively turning back upward. Last week, the shares broke out over $36.50, completing a bullish Reverse Head and Shoulders base which had been forming since July. This neckline breakout builds on a successful retest of $30.00 support and the snapping of a downtrend line last month.
Interfor Corp. (IFP.TO) shares have come back under accumulation since establishing a higher low near $23.50 back in August. Earlier this month, they snapped out of a downtrend and confirmed the start of a new upswing with a breakout over $30.00.
With North American oil & gas producers bouncing back along with energy prices yesterday, Cenovus Energy (CVE.TO) continued to rebound within the SIA S&P/TSX 60 Index Report. Recovering from a summer drop into the red zone, the shares returned to the Green Favored Zone for the first time since July. Yesterday, CVE.TO finished in 14th place, up 8 spots on the day and up 29 spots in the last month.
It has been a roller coaster ride for world markets in the last week. In this issue of Equity Leaders Weekly, we take a look at what action in gold is telling us about investor attitudes toward risk, and at the S&P 500 Retail ETF XRT.
FedEx (FDX) shares are trading down 5.9% this morning after the company reported disappointing earnings, but its relative strength has been deteriorating since July. Since exiting the green zone, the shares have been steadily falling down the rankings in the SIA S&P 500 Index Report and have lost about 10.4% of their value. In the last month, the shares have dropped 12 spots to 62nd place and have slumped into the Red Unfavored Zone.
With metals stocks coming under pressure yesterday as commodity prices fell, steelmaker Nucor (NUE) tumbled out of the green zone in the SIA S&P 500 Index Report and into the Yellow Neutral Zone for the first time since March. Yesterday the shares finished in 178th place, down 135 spots on the day, and down 177 spots in the last month.
Last month, shares of Thermo Fisher Scientific (TMO) broke through the top of their channel near $530, ending a consolidation phase and signaling the start of a new rally phase. Since then, the shares have continued to climb. On Friday, they gapped up to a new all-time high on a spike in volume, indicating increased investor interest.
Since a correction bottomed out back in May, Etsy shares have been steadily recovering, establishing support at higher lows, snapping out of a downtrend and regaining $200.00. Earlier this month, the shares completed a bullish Ascending Triangle pattern breaking through $212.50 which has since reversed polarity to become initial support. Yesterday, the shares closed at their highest level since May and a breakout over $225.00 would confirm the start of a new upleg.
In August, shares of Methanex Corp. (MX.TO) completed a bullish Falling Wedge pattern, snapped out of a downtrend and confirmed the breakout by regaining $45.00. The shares have continued to climb into September and yesterday, they broke out over $50.00 to confirm their uptrend continues.
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