Category: Daily Stock Report

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%.

Athletic clothing producer Gildan Activewear (GIL.TO) struggled at the end of last year and the start of this year, dropping from the green zone to the red zone in the SIA S&P/TSX 60 Index Report. Since February, however, its relative strength has steadily been improving.
A month ago, GIL.TO climbed back up into the Yellow Neutral Zone from the red zone and since then it has moved up another 4 spots to 27th place. Over the last month, GIL.TO is up 12.1% while the S&P/TSX Composite Index has gained 3.9%.

We last mentioned Mattr in the February 8th edition of the Daily Stock Report. It dipped back down into the yellow zone of the SIA S&P/TSX Composite Index Report, but in the last few days, its relative strength has improved again and the shares have returned to the Green Favored Zone.
In the last month, MATR.TO shares have climbed 5 spots to 54th place. Since February 7th, MATR.TO is up 10.5%, while the S&P/TSX Composite Index is up 4.2%.

Cloud computing and cybersecurity company Zscaler (ZS) had a very long period of relative strength between May of 2023 and February of 2024. Over that period, ZS climbed from the bottom of the red zone to the top of the green zone in the SIA NASDAQ 100 Index Report.
In recent weeks, however, Zscaler’s relative strength has eroded. Last month it fell into the yellow zone and this week it has returned to the Red Unfavored Zone for the first time since August. Since leaving the green zone, the shares are down 8.4%, while the NASDAQ Composite Index is down 0.6% over the same time frame.
Yesterday ZS finished in 56th place, down 2 spots on the day and down 51 positions in the last month.

Software producer Adobe Systems (ADBE) plunged 13.6% on Friday as investors reacted negatively to the company’s latest earnings report and guidance. The shares, however, had already been struggling technically on an individual stock and on a relative strength bases for some time ahead of the results.
Adobe fell out of the green zone in the SIA S&P 100 Index Report and the turn to relative weakness was featured in the February 21st edition of the Daily Stock Report. Since then, the shares dropped 9.1%, while the S&P 100 Index is up 2.7%.
Following a drop of 18 spots in the SIA S&P 100 Index Report on Friday, to 68th place, ADBE has returned to the Red Unfavored Zone for the first time since May of 2023.

With base metals, most notably Copper, along with precious metals like Gold and Silver, breaking out to the upside lately, mining stocks have been moving up in tandem and climbing in relative strength rankings.
Base metal miner Lundin Mining (LUN.TO) for example jumped another 4 spots in the SIA S&P/TSX Composite Index Report yesterday to 18th place. LUN.TO exited the red zone last November and returned to the Green Favored Zone in December. Since then, the shares are up 19.7%, while the S&P/TSX Composite Index is up 5.0% over the same period.

Base metal miner Hudbay Minerals (HBM.TO) has been climbing back up the rankings in the SIA S&P/TSX Composite Index Report since late November. It left the red zone in December and at the start of this month, it returned to the Green Favored Zone for the first time since August.
Hudbay finished yesterday in 9th place, up 21 spots on the day and up 63 positions in the last month. Over the last month, the shares have rallied 33.5%, compared with a gain of 6.7% for the S&P/TSX Composite over the same period.