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Technology Sector Review: 10/3/22
German Proxy: Germany has always been thought of as the powerhouse of Europe, at least continental Europe. Others may believe Great Britain should be the focus. But we are here to analyze the stocks from these regions and below is the chart of the largest holding in the EWG. SAP obviously is a tech play so it will feel the pressure just emanating from that space as we know the vast majority of the performance of a stock, up or down, comes from its sector. The MONTHLY chart of the EWG has not recorded consecutive positive CLOSES since April-May of 2021 and it could be coming into possible CLOSING support near 19 as it was support in early 2013, February 2016, and March-April 2020 (both months were below 19 intra month but CLOSED above). The largest holding in the fund in SAP at 9% (interesting it's the only tech company in the top 10) has recently broken below a bearish descending triangle. Consider this name guilty until proven innocent.
Technology Sector Review: 9/30/21
Palantir Hype: The SPAC hype that reached a frenzied pace, to put it mildly at its height has come screaming back down to earth. Last week a couple had their capital returned to shareholders. Some stocks that have crashed in their own right include SKLZ this week traded below $1 after being in the upper 40s last February. Below is one that is still below that $ 10-a-share PRICE but has some things going for it. This week is showing some excellent relative strength higher by 9% heading into Friday, while the IGV is up less than 1%. Famed investor Stanley Druckenmiller, who is extremely bearish on the market, has a sizable position in the name. Its WEEKLY chart is its sporting a bear flag pattern with a move below 7 carrying a measured move to 3, but until that occurs one can stay long. If 7 is breached one can flip their long to a short but for the time being respect its clout.
Consumer Staples Sector Review: 9/29/22
Defensive Bifurcation: In the discount arena, the group is dominated by a select few. TGT is a laggard now 42% off most recent 52-week highs and still feeling the wrath of the week ending 5/20 that fell nearly 30%. Currently, it is right at the WEEKLY CLOSE of that dreadful week. Best-in-breed DLTR has not been immune to the market's frailness. It has recorded two recent WEEKLY losses of almost 20% in the weeks ending 5/20 and 8/26. OLLI a former favorite continues to deal with the blockade at the round 60 number as it attempts to carve out a double bottom base. Below is the chart of COST and it is trying to put the nasty 6-week losing streak the weeks ending between 4/15-5/20 that traveled from the rough round 600 number to 400. This week is showing good relative strength against the staples up almost 5% while the XLP is down fractionally. Perplexing is how chief rival BJ is only 4% from its recent peak while COST is still 20% off its ascent from early April.