Credit card provider Capital One (COF) has been climbing up the relative strength rankings in the SIA S&P 100 Index Report since the end of October, leaving the red zone, returning to the Green Favored Zone for the first time since August and reaching its highest ranking since March.
Capital One has moved up 22 spots in the last week and 45 positions in the last month to reach 22nd place.
Tourmaline Oil (TOU.TO) spent most of this year in the green zone of the SIA S&P/TSX 60 Index Report, but its relative strength started to erode in early November. Over the last month, TOU.TO has dropped 34 spots in the relative strength rankings to 46th place, falling out of the green zone and deep into the Red Unfavored Zone. Since leaving the green zone, TOU.TO has lost 12.5% of its previous value.
Agricultural, forestry, machinery, and heavy equipment manufacturer Deere & Co. (DE) has been steadily sinking since it joined the SIA S&P 100 Index Report in the neutral zone back in September. Since it entered the report, it has declined by 13.8%, including a decline of 2.2% since it fell into the Red Unfavored Zone about a month ago, right about the time that broader markets took off. In comparison the comparable index ETF is up 3.8% in the last month.
Grocer Metro Inc. (MRU.TO) has been out of the green zone of the SIA S&P/TSX 60 Index Report since July of 2022. Over that time, the shares are down 2.5%.
Metro climbed up the rankings and out of the Red Unfavored Zone between March and October, but as North American equities have rallied over the last month, MRU.TO has sunk back into the Red Zone. On Friday, it finished in 33rd place, down 3 spots on the week and down 8 positions in the last month.
After struggling relative to its peers through the summer, Advanced Micro Devices (AMD) has rapidly climbed back up the relative strength rankings in the SIA S&P 100 Index Report. Currently, AMD is in 8th place, up 20 spots in the last month with the shares up 13.1%, compared with a 4.3% return for the corresponding index over the same time frame.
Relative strength analysis not only can help investors identify stocks that are outperforming their peers but also to avoid periods of underperformance. After climbing 6 spots in the last week and 12 positions in the last month, T-Mobile US Inc. (TMUS) has returned to the Green Favored Zone for the first time since November of 2022.
SPG returned to the Favored Zone of the SIA S&P 100 Index Report on November 16th, which was mentioned in the November 17th Daily Stock Report. Since then, the shares have climbed 8.6%, while the S&P 100 Index is up only 0.8% over the same time frame. SPG has also continued to rise in the relative strength rankings, having moved up another four spots in the last week to 17th place.
Yesterday, JPMorgan Chase & Co. (JPM) became the first US big cap bank to return to the Green Favored Zone of the SIA S&P 100 Index Report in some time climbing 2 spots to 25th place. JPM had been out of the Green Zone since August. JPM shares have gained nearly 10.5% in the last month.
With the price of gold breaking out to a new all-time high on Friday, stocks of gold producers continue to attract attention from investors. The top ranked gold stock in the SIA S&P/TSX 60 Index Report is Kinross Gold* (K.TO), which has been in the Green Favored Zone since March and is currently sitting in 4th place. The only other precious metal stock currently in the Green Zone is Wheaton Precious Metals (WPM.TO) which is in 12th spot.
Over the time Kinross Gold* had remained in the Green Zone, K.TO has returned 34.3%, including a gain of 9.2% since we last mentioned Kinross in the October 18, 2023 edition of the Daily Stock Report.
Clawing back some summer slippage, Manulife Financial (MFC.TO) has been working its way back up the rankings in the SIA S&P/TSX Composite Index Report since September. This week, it returned to the Green Favored Zone for the first time since February, joining five other insurance companies in the top tier. In the SIA S&P/TSX 60 Index Report, MFC.TO has jumped seven spots in the last week, moving up toward the top of the Yellow Neutral Zone in that report.
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