It's the weekly commodity edition of What the FICC?
Not only are commodities losing their leaders, but the leaders are losing their former 2018 highs. As bearish as this sounds, commodities still deserve the benefit of the doubt.
Heating oil futures just posted their lowest level since February. Meanwhile, gasoline and crude have printed fresh year-to-date lows, taking out their prior cycle highs.
Now what?
Should we expect broad selling pressure to hit the commodity space?
Not so fast…
If you believe impending weakness awaits commodities in the coming weeks and months, this chart is for you: our energy index overlaid with our broad commodity index (both equal-weight):
From the desk of Steve Strazza @Sstrazza and Alfonso Depablos @AlfCharts
Our International Hall of Famers list is composed of the 100 largest US-listed international stocks, or ADRs.
We’ve also sprinkled in some of the largest ADRs from countries that did not make the market cap cut.
These stocks range from some well-known mega-cap multinationals such as Toyota Motor and Royal Dutch Shell to some large-cap global disruptors such as Sea Ltd and Shopify.
It’s got all the big names and more--but only those that are based outside the US. You can find all the largest US stocks on our original Hall of Famers list.
The beauty of these scans is really in their simplicity.
We take the largest names each week and then apply technical filters in a way that the strongest stocks with the most momentum rise to the top.
Based on the market environment, we can also flip the scan on its head and filter for weakness.
Let’s dive in and take a look at some of the most important stocks from around the world.
The Brothers Warner can't seem to get out of their own way. At least, that's what the price of Warner Brothers Discovery stock $WBD is telling us.
Look at this dog:
And recently, we've seen some aggressive put buyers step into the fray, as was discussed in a recent Follow the Flow Report. Here's what Strazza had to say about it: