Vermillion Energy (VET.TO) continues to climb toward the top of the Green Favored Zone in the SIA S&P/TSX Composite Index Report. On Friday it finished in 5th place, up 178 spots over the last month and up 12 spots in the last week. Since they gapped up through their 50-day average back in October, shares have been under renewed accumulation.
Exxon Mobil (XOM) has returned to the Green Favored Zone of the SIA S&P 100 Index Report for the first time in 12 years! It left the green zone in March of 2009 and spent over a decade stuck in the red zone until finally seeing its relative strength improve in a meaningful way earlier this year. Yesterday XOM it finished in 22nd place, up 7 spots on the day and up 37 spots over the last month.
It has been a choppy week for equity markets. Earnings season has come to an end, reducing the amount of corporate news out there for investors to consider. Instead, investors have turned their focus to rising traded US interest rates, particularly the 10-year treasury yield climbing above 10%, as a sign that the massive central bank liquidity party may not go on forever. In this week’s issue of Equity Leaders Weekly, we look at yesterday’s downturn in the NASDAQ Composite Index and at a shift in the capital flows between Growth and Value stocks.
With big banks attracting renewed interest, Citigroup (C) has returned to the Green Favored Zone of the SIA S&P 100 Index Report. Yesterday it finished in 23rd place, up four spots on the day and up 14 spots over the last month.
Toymaker Spin Master (TOY.TO) soared up the rankings in the SIA S&P/TSX Composite Index Report yesterday climbing 123 spots in one day to 31st place. This enabled it to move directly from the red zone to the Green Favored Zone. Stronger than expected online sales sent the shares soaring 23.9% on the day.
Oilfield service giant Halliburton Co. (HAL) continues to trend upward within the Green Favored Zone of the SIA S&P 500 Index Report. The shares finished yesterday in 60th place, up 12 spots on the day and up 129 spots over a month. Back in autumn, shares snapped a downtrend line to signal the start of a new recovery trend, then consolidated for a few months in the $17.25 to $22.25 area. Yesterday, a breakout to the upside, completing a bullish Ascending Triangle base signaled the start of a new upleg.
Over the course of February, cruse line Carnival Corp (CCL) climbed up from the red zone toward the top of the Green Favored Zone in the SIA S&P 500 Index Report. The shares finished Friday in 25th place, up 4 spots on the day and up 245 spots over a month.
A major breakout is underway in Gildan Activewear* (GIL.TO) shares which broke out over $38.50 to their highest level since September of 2019 yesterday. An uptrend has been underway since the shares bottomed out last March and a downtrend line was snapped last summer near $25.00. GIL.TO remains in the Green Favored Zone of the SIA S&P/TSX 60 Index Report where it has resided since August. Yesterday it moved up 4 spots to 10th place.
*Gildan Activewear is held in portfolios managed by SIA Wealth Management
Overall, stock market indices appear to be regaining their footing from a choppy few days. The last week has seen the tech-sensitive NASDAQ struggle relative to broader indices, while commodities and related stocks have continued to do well. In this week’s issue of Equity Leaders Weekly, we look at the causes and implications of the recent rise in the US 10-year treasury note yield, and at action in the price of sugar as an example of renewed interest in commodities.
Since returning to the Green Favored Zone of the SIA S&P 500 Index Report last month, American Airlines (AAL) has continued to ascend in the rankings. In the last month, it has climbed 257 spots to 34th place, including a gain of 10 places yesterday.
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