BEI.UN.TO entered the Favored Zone of the SIA S&P/TSX Composite Index Report early this year on Jan 26, 2023, at a price of $54.64. The shares have held in the Favored zone throughout this time period and now are at $67.78 representing a 24% increase in a less than 8 months time. The shares currently occupy the #11 spot in the report.
Cenovus Energy Inc. (CVE.TO) is a crude oil and natural gas producer, refiner, and upgrader. CVE.TO has continued its recent gains after reporting better than expected Q2 earnings at the end of July of 33 cents beating estimates. In the last month, CVE.TO has climbed 5 positions and up 30 spots over the last quarter within the SIA S&P/TSX 60 Index Report, finishing in 16th place about to move into the Favored zone.
Recent trading action in Phillips 66 (PSX) indicates that the current energy market rally is more broadly based. In the last month, PSX has climbed 168 positions within the SIA S&P 500 Index Report, climbing up from the bottom of the Neutral zone back up into the Favored zone for the first time since early May, finishing yesterday in 68th place.
In this edition of Equity Leaders Weekly, we look at continuing rebounds in regional banks and US retail stocks. Although most major indices and industry groups have declined over the last week, this action appears to be a common correction with markets bending but not breaking.
Benefitting from a rebound in energy prices, ConocoPhillips (COP) has been trending back up the rankings in the SIA S&P 100 Index Report since April. Yesterday it climbed another 6 spots to 20th place, and it is up 31 positions in the last month returning to the Favored Zone for the first time since November.
Crescent Point Energy (CPG.TO) has been trending upward within the relative strength rankings in the SIA S&P/TSX Capped Composite Idx Report since March. In recent weeks, the shares have climbed back up into the Favored Zone for the first time since November. Yesterday, Crescent Point rose another 5 spots to 33rd place, and it is up 95 positions in the last month.
Mercadolibre (MELI) jumped 37 spots in the SIA Nasdaq 100 Index report in the last week, including a gain of 8 positions yesterday. In doing so, it has popped up out of the Unfavored zone, driven through the Neutral zone, and returned to the Favored zone for the first time since May.
Paul Kornfeld, President of SIACharts, is featured in the 2023 Top 100 People in Finance Magazine
Defense contractor Raytheon Technologies (RTX) has been steadily climbing back up the rankings in the SIA S&P 100 Index Report since October. On Friday, it returned to the Green Favored Zone for the first time in six weeks, and before that since August, finishing the year in 24th place, up 2 spots on the day and up 7 positions in the last month
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