In this Episode of Allstarcharts Weekly, Steve and I discuss the Intermarket Relationships that help identify the next direction for US Interest Rates. These assets include Regional Bank Stocks, Utilities, Real Estate Investment Trusts, Copper, Gold and TIPS among others. Which way are Rates heading next? [Read more…]
[Premium] Banks Get Oversold
We’ve been writing about Financial Services/Bank Stock outperformance for a while, especially as it relates to the breadth of the broader market.
Despite Financial Services accounting for a third of the Nifty 500’s weighting, they cannot support the entire market on their own. Especially if/when they need to correct…like they are now.
That brings us to today’s charts.
What Are “The Junkies” Doing?
From the desk of Tom Bruni @BruniCharting
Tuesday’s Mystery Chart is one of my favorite charts right now, so thank you everyone for your feedback and participation.
I received a lot of answers, but most of you were buyers and the rest were split between doing nothing and selling.
With that as our backdrop, let’s get into it.
The Energy Conundrum
From the desk of Tom Bruni @BruniCharting
We’ve been watching some of the Energy ETFs we track most of this year for potential mean-reversion opportunities on the long side.
We recently discussed for our Institutional Clients an opportunity in the Small-Cap Energy ETF (PSCE), which rallied 17.50% from its 2018 lows before reversing back to those levels again.
The main issue in Energy remains that there appears to be an attractive mean reversion opportunity at the ETF level, but when we drill down into individual stocks there aren’t many clean setups…making it difficult to identify what the main drivers of this move higher would be.
Let’s take a look.
[Chart of The Week] A Small But Mighty Pattern In Small-Caps
From the desk of Tom Bruni @BruniCharting
JC and I are generally on the same page about a lot of things, but this week our brains seem to be very in sync as we’re writing about the same topics with a slightly different spin on each subject.
Yesterday JC spoke about how US Equities can do just fine, actually really well, during periods of Small-Cap underperformance.
Today I want to take a more granular look at the Russell 2000 and see what its recent price action has in common with the Euro Stoxx 50. [Read more…]
Stocks Can Do Great With Small-Caps Underperforming
With U.S. Large-cap Indexes breaking out to new all-time highs, many are wondering when, and if, the Small-caps are ever going to catch up. The Dow Jones Industrial Average, S&P500 and Nasdaq100 have all taken out former highs and are currently in uncharted territory. The Mid-caps, Small-caps and Micro-caps, however, are still all well below their 2018 highs.
While we like to pride ourselves in looking at more charts per week than almost anyone on earth, I get a lot of value from regularly speaking to clients and colleagues. Tuesday was one of those days that I found myself on the phone speaking with people around the world. One theme that came up multiple times was the underperformance in Small-cap stocks throughout the late 90s. It’s something we’ve seen before. U.S. Large-cap stocks can do very very well even with small-caps underperforming, like they have since last year. [Read more…]
[Premium] A Big Level For Regional Banks
From the desk of Tom Bruni @BruniCharting
We’ve been pointing to the improving relative strength of Financials in the face of falling Interest Rates in the US and around the world.
Today I want to focus on what we’re seeing in Regional Banks.
[Chart of The Week] Will Buyers Step In Here?
Since early July stocks in India have come under more selling pressure, with the Mid-Caps and Small-Cap indices falling roughly 10% and the large-cap Nifty 50 falling about 6%.
This has exacerbated the relative underperformance of India versus other Emerging Markets which it had been outperforming up until late May.
Prices in many of the major indices are now approaching critical levels of support, begging the question will buyers will step in again to defend these levels or is more selling ahead?
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