Category: Daily Stock Report

With the price of oil rallying again yesterday, energy stocks continue to attract renewed interest. Suncor Energy (SU.TO) for example, has jumped from the red zone to the Green Favored Zone in the SIA S&P/TSX 60 Index Report this week, returning to the top tier for the first time since November.
In the last week, Suncor has jumped 11.8%, compared with a decline of 0.5% for the S&P/TSX Composite Index and a drop of 2.5% for the S&P 500 Index. This has enabled SU.TO to climb 25 spots in the SIA S&P/TSX 60 Index Report this week to 11th place.

Automaker General Motors (GM) was a perpetual underperformer for nearly two years, spending nearly all of 2022 and 2023 stuck in the red unfavored zone of the SIA S&P 100 Index Report. As recently as November, GM was near rock bottom in the relative strength rankings.
Since December, however, GM has been steadily working its way upward in the relative strength table. It exited the red zone in February and has continued to work its way upward within the Yellow Neutral Zone and is currently only four spots away from a return to the green zone for the first time since January of 2022. Yesterday, GM moved up 3 spots to 30th place, up 13 positions in the last month.
Year to date, GM is up 26.1%, compared with a gain of 10.1% for the S&P 100 Index so far this year.

The price of Uranium has increasingly been bouncing back from a February correction with a gain of 11.0% in the last month, including a rise of 6.7% in the last week. Boosted by a price resurgence, Uranium producing stocks have also been recovering from a winter correction and moving back up in relative strength rankings.
Yesterday, by jumping 24 spots to 13th position, Cameco Corp. (CCO.TO) has climbed up out of the red zone and returned to the Green Favored Zone of the SIA S&P/TSX 60 Index Report for the first time in about six weeks, confirming renewed interest in both the stock and the sector. During its previous 9-month run in the Green Favored Zone from May 2023 to February 2024, Cameco gained 46.5% while the S&P/TSX Composite rose 5.3% over the same period.

We highlighted the long-term perennial underperformance of 3M Company (MMM) back in the December 15, 2023 edition of the Daily Stock Report, and since then, the stock is down 12.1%, while the S&P 100 Index is up 12.2% over the same period. The shares have been stuck in the Red Unfavored Zone of the SIA S&P 100 Index Report since April of 2019 and have been out of the green zone since April of 2018.
Yesterday, 3M completed the spinoff of its healthcare division into a separate company, and the stock jumped 6.0%.
While MMM remains in the Red Unfavored Zone of the SIA S&P 100 Index Report, by jumping 17 spots to 75th place, it has broken out of a relative strength downtrend and reached its highest rank since August of 2021, and its SMAX score increased to its highest level since September of 2021.

With the price of Gold (GC.F) rallying to new all-time highs recently, gold producers such as Kinross Gold (K.TO) have been increasing in relative strength.
After dropping down the rankings in the SIA S&P/TSX 60 Index Report back in February, K.TO stabilized near the red-yellow zone boundary for about a month. Last week, Kinross started to climb up the rankings again and on Friday it returned to the Green Favored Zone.
Kinross is currently in 10th position, having climbed 14 places on Friday and 25 spots in the last month.

Since the beginning of November, the relative strength of senior, national US banks has been steadily improving, with several of the top names working their way back up the rankings, including Citigroup (C).
Citigroup spent 2 ½ years stuck in the red zone of the SIA S&P 100 Index Report, from mid-2021 to the end of 2023. Over that time, the shares lost 24.2%, while the S&P 100 Index gained 16.8% over the same period.
As recently as September, Citigroup was close to rock bottom in the relative strength rankings but since November, its relative strength trend has turned positive. Near the end of last year, C climbed up out of the red zone and this year, it has been working its way upward within the Yellow Neutral Zone.
Yesterday, Citigroup climbed another 6 positions to 29th place, 3 spots away from a return to the green zone. Year to date, Citigroup is up 21.0%, while the S&P 100 Index is up 10.1%.

Lululemon athletica (LULU) reported earnings after the close last Thursday and then plunged 15.8% last Friday. Relative strength analysis had provided indications that the stock was vulnerable heading into the earnings report. LULU dropped out of the green zone into the yellow zone of the SIA NASDAQ 100 Index Report on February 2nd. From then to March 20th, the shares were essentially flat, posting a meager 1.4% gain, while the NASDAQ Composite rose 4.9% over the same period.

In the December 28th edition of the Daily Stock Report, we highlighted Nike (NKE) rolling back down into the Red Unfavored Zone of the SIA S&P 100 Index Report. Since then, the shares have continued to drop down in the rankings and are currently near rock bottom in 100th place.
On Friday, the shares sold off once again dropping 6.90% after the athletic clothing producer released disappointing sales numbers and guidance. Year to date, Nike is down 13.2%, while the S&P 100 Index is up 10.9%.

With Crude Oil climbing and holding above $80.00/bbl, energy stocks have been rallying and working their way up the relative strength rankings. Crescent Point Energy (CPG.TO), for example, has been moving up within the SIA S&P/TSX Composite Index Report starting in the red zone, moving up through the yellow zone this month and yesterday, returning to the Green Favored Zone for the first time since November.
In the last month, CPG.TO has climbed 78 positions to 56th place. Over that time, CPG.TO has rallied 14.4%, outpacing the S&P/TSX Composite Index’s gain of 4.3%.