A November to Remember Does its Part in the Strongest Three-Month Period of the Year - Chaikin Analytics

A November to Remember Does its Part in the Strongest Three-Month Period of the Year

Key Chart – Invesco S&P SmallCap Information Technology ETF

Last week we highlighted the streng in Technology on an equally weighted basis, this week we looked at small cap Technology. The Invesco SmallCap Information Technology ETF (PSCT) has a Very Bullish Rating and is leading the SPY as it trades near 52-week highs. The fund is overbought in the near-term but Chaikin Money Flow is extremely strong. This fund speaks to the fact that Technology is not a weak sector as a whole, but that the weakness is concentrated in the largest names.

Classic Bulls for a Rally into the End of the Year

Given our view on the trends in equity markets, and the fact that breadth is expanding, we use the Russell 3000 as a starting universe to screen for Chaikin Classic Bulls. These are stocks that meet the following criteria:

  • Stock Rating: Very Bullish or Bullish
  • Price Level: Above Rising LT Trend Line
  • Money Flow: Six Month High Persistency
  • Relative Strength: Six Month High Persistency
  • Min Price: $10

The screen returned 33 names as of yesterday that are well positioned to benefit from an equity rally into the end of the year. Of these, six are currently oversold: VSTO, CDNS, CSV, GNRC, LOB and MCFT

*This screen was run before the full screener update this morning. Your results will likely vary.

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