Iamgold (IMG.TO) continues to build a base for recovery. Since bottoming out in September, the shares have slapped out of a downtrend and established a higher low above $3.00. In Friday, the shares closed at their highest level since May of 2021.
A major upturn is underway in Yamana Gold (YRI.TO). After spending nearly a year under distribution following its summer 2020 peak, Yamana spent the second half of 2021 building a base for recovery in the $4.80 to $5.80 range. The shares recently broke out of this base and have established higher support above $6.00 now, indicating that a new recovery trend has started.
For the last two years, since the March 2020 market bottom, Cameco (CCO) has been under accumulation, advancing in a step pattern of rallies followed by periods of consolidation at higher levels. Since the latest correction ended in January, the shares have been bouncing back and accumulation appears to be accelerating with the shares gapping upward and snapping a downtrend line in the last few days.
General Dynamics (GD) spent over three and a half years from mid-2018 to January 2022 stuck in the red unfavored zone of the SIA S&P 100 Index Report. In the last few weeks, GD has rocketed up the rankings on renewed interest in defense contractors, recently returning to the Green Favored Zone for the first time since June of 2018. Yesterday GD finished in 14th place, up 8 spots on the day and up 22 positions in the last month.
Defense contractor Raytheon Technologies (RTX) appears to finally be getting its day in the sun. After spending nearly all of the last decade stuck in the red zone of the SIA S&P 500 Index Report, Raytheon has rocketed up the rankings lately and recently returned to the Green Favored Zone for the first time since 2010. Yesterday, the shares finished in 10th place, up 6 spots on the day and up 24 positions in the last month.
For the last six months, Nucor (NUE) shares have been trending sideways between $88.00 and $128.00, consolidating gains made in a previous advance up from near $45.00. Last month, Nucor successfully retested the bottom of this zone and since then, it has been on the rebound. Last week, the shares successfully tested support at their 50-day moving average near $111.75 as support then rallied up off of it to a new all-time high, blasting through the top of its previous range on Friday on increased volume, a sign of renewed interest.
Since we last mentioned concert promoter Live Nation (LYV) as a potential reopening play in the October 4th edition of the Daily Stock Report, the shares have gained 26.0%. Boosted by a positive quarterly sales report and strong advance ticket sales, Live Nation jumped 23 positions to 19th place within the Green Favored Zone of the SIA S&P 500 Index Report.
A big upswing is underway in Wesdome Gold Mines (WDO.TO) with the shares breaking through resistance in the $13.00-$13.50 area (which has reversed polarity and become initial support) to blast through the top of a sideways trading range that had formed above $10.00 over the last nine months, and to complete a bullish Ascending Triangle pattern.
With capital returning to defensive havens, even generally unloved sectors like tobacco have attracted renewed interest lately. Phillip Morris spent most of the last 5 years stuck in the red zone of the SIA S&P 100 Index Report. It started to climb back up the rankings last year and in the last few days it has returned to the Green Favored Zone for the first time since September of 2017. Yesterday, PM rose one position to 14th place and it is up 19 spots in the last month.
Since joining the SIA S&P/TSX Composite Index Report in December, Topaz Energy (TPZ.TO) has been steadily working its way up the rankings in the Green Favored Zone. On Friday, it climbed another two positions to 42nd place.
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