Shopping mall owner Simon Property Group (SPG) has climbed into first place in the SIA S&P 100 Index Report after climbing one spot yesterday and eleven places over the last week. After spending from the fall of 2016 to the spring of 2020 stuck in the red and yellow zones, the shares have been steadily moving up the rankings for about ten months now and have consistently been in the Green Favored Zone since November.
MEG Energy* (MEG.TO) shares returned to the Green Favored Zone in the SIA S&P/TSX Composite Index Report back in December and have continued to climb up the rankings. In the last month, the shares have moved up 41 spots to 7th place, including a gain of 8 spots yesterday. *Shares of MEG Energy are held in some portfolios managed by SIA Wealth Management.
Base metal miner Hudbay Minerals (HBM.TO) has been climbing back up toward the top of the Green Favored Zone in the SIA S&P/TSX Composite Index report this month, bouncing back from a brief dip into the yellow zone. The shares have moved up 74 spots last week, including a rise of 16 spots on Friday to 9th place.
This one is a bit different from the stocks we usually look at in the Daily Stock Report. On what was a relatively quiet day in the markets, Kraft Heinz (KHC) staged an aggressive move upward in the rankings of the SIA S&P 500 Index Report, climbing 17 spots in one day to 41st place, up 44 spots from a month ago.
It has been an odd week for world markets, disrupted by Asia Pacific and North American holidays. Although several major North American indices have managed to nudge their way to new all-time highs, there doesn’t appear to be much of a tailwind behind them, perhaps because earnings and economic news flow has subsided for the time being. In this week’s issue of Equity Leaders Weekly, we look current strength in US Energy stocks and at the factors influencing recent weakness in Gold.
Devon Energy (DVN) entered the Green Favored Zone of the SIA S&P 500 Index Report back in October. In the last few days, it has been climbing within that zone, moving up 13 spots yesterday to 24th place. A major breakout is underway in which shares have gapped up through $20.00 to signal the start of a new upleg. This continues a series of bullish signals this year which started with the shares snapping out of a long-term downtrend on high volume, a sign of renewed investor interest.
Since November, ATS Automation Tooling Systems (ATA.TO) has been trending upward within the SIA S&P/TSX Composite Index Report. It recently returned to the Green Favored Zone for the first time since June and continues to climb. Currently in 35th place after rising 9 spots yesterday, the shares have moved up 32 spots in the last month.
Energy producer ARC Resources (ARX.TO) recently returned to the Green Favored Zone of the SIA S&P/TSX Composite Index Report and continues to rise up the rankings. On Friday it moved up another 10 spots to 28th place and it is up 27 spots in the last month. Accumulation of shares continues with a breakout over $7.40 completing a bullish Double Top, adding to the completion of a bullish Spread Double Top in January and the snapping of a downtrend line back in October.
Chipmaker Nvidia (NVDA) has returned to the Green Favored Zone of the SIA S&P 100 Index Report from a brief dip into the yellow zone after climbing 9 spots yesterday to 25th place. Share accumulation in Nvidia (NVDA) has intensified this week, culminating in a major breakout to a new all-time high. Since September, the shares had been trending sideways with lower highs and higher lows forming a Symmetrical Triangle, indicative of a consolidation phase within a larger upward trend.
Equities and commodities continue to climb, driven by a combination of continuing easy money from central back asset purchases, a new fiscal stimulus package working its way through Congress in the US, combined with continuing vaccine rollouts and falling case counts. In this week’s issue of Equity Leaders Weekly, we look at the S&P/TSX Composite Index and the copper price as examples of recent gains in equity and commodity markets.
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