The rise and fall of FedEx (FDX) in the relative strength rankings of the SIA S&P 100 Index Report over the past year has been something to see. Since the summer, FDX has been steadily sinking back down the rankings–especially in the last two weeks since the company reported disappointing earnings.
In December, the equity market recovery broadened out and participation increased dramatically with the small and mid cap troops finally following the large cap generals higher. In particular, the Russell 2000 Index (RLS.I) staged a very strong rally, climbing up from a successful retest of its October 2022, and driving up through all of the trading range that has prevailed for the last eighteen months and snapping a downtrend line.
In the last month, CIBC has attracted renewed interest, and its relative strength has improved significantly. The shares have snaped out of a relative strength downtrend, exited the red zone and returned to the Green Favored Zone for the first time since April of 2022. Yesterday, CM.TO finished in 52nd place, up 86 positions in the last month.
Canadian Western Bank (CWB.TO) currently holds the highest spot in the SIACharts rankings for Canadian banks. It returned to the Green Favored Zone for the first time since June of 2021.
This chart, which dates back to the March 2020 market bottom, highlights the rise and fall of Nutrien (NTR.TO) shares over the last several years. Two years of accumulation came to an end in April of 2022, and since then, NTR.TO shares have been steadily declining.
Shares of Procter & Gamble (PG) spent most of the last fifteen years in the Red Unfavored Zone of the SIA S&P 100 Index Report. In recent weeks, PG has been tumbling down the rankings, falling 34 spots to 83rd place over the last month.
Athletic clothing producer Nike, Inc. (NKE) sold off last week, dropping 12% in one day after cutting its sales guidance and announcing plans to cut costs.
With the brief exception of a few days in January, Nike has been outside of the green zone for this entire year, spending most of its time in the Red Unfavored Zone.
goeasy (GSY.TO) is a non-traditional Canadian lender, specializing in lease-to-own and point-of-sale financing for individuals. Back in October, the shares were in the red zone of the SIA S&P/TSX Composite Index Report. For nearly two months now, the shares have been steadily climbing up the relative strength rankings finishing Friday in 2nd place after rising 49 positions in the last month.
Online meal ordering and delivery service provider DoorDash (DASH) joined the SIA NASDAQ 100 Index Report last week near the top of the Green Favored Zone. Since joining, it has been holding steady in fifth place.
In this edition of Equity Leaders Weekly, we look at what the Sector Scopes are telling us about market sentiment and sector performance and also at recent action in the S&P/TSX Composite Index.
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