Equity Strategies Group-Level Analysis Of The Equity Markets

Despite Industrials’ underperformance versus the broad equity market, the sector’s Transportation subset has been on the rise recently. In the latest round of our Group Selection (GS) Scores, four of the five Transportation groups rank Attractive, and the fifth one is rated High Neutral.

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Consumer Discretionary has held on to the highest-rated spot for six consecutive months. Coming in last (again) is Utilities. After rating among the lowest two positions between April 2017 and April 2018, Energy finally improved and now sits in 6th place—the middle of the pack.

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This year we’ve written several notes surrounding the Consumer Discretionary sector’s prominence among our top Group Selection (GS) Scores. This pattern persisted for a fifth consecutive month in April.

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YTD, out of the 110 industries, HC Facilities is the fourth best performing group

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Consumer Discretionary is the highest-rated sector for the fifth consecutive month; Info Tech and Financials have been trading places between #2 and #3 for five months. Coming in last (again) is Utilities.

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The Consumer Discretionary index has also managed to outperform the S&P 500 by about 100 bps since the market’s January 26th peak, and in late March it was just a hair away from surpassing its previous relative strength performance high recorded in late 2015.

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Air Freight & Logistics is now Attractive for the first time in two years; Managed Health Care has scored in the top tier dating back to 2009; Trading Companies/Distributors provides an option with oil exposure at a time when the GS Scores remain decidedly anti-oil overall.

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Our Group Selection (GS) Scores ranked Health Care as one of the top two sectors for a majority of 2011-2015; sector relative strength soared over that period.

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Department Stores have rallied the last four months; Health Care Distributors is one of the cheapest groups we track; Paper & Forest Products is the only Materials group in the Attractive range of the GS Scores.

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While the Materials sector overall still isn’t looking stellar based on our work, we think with the Metals theme heating up, it’s a trend worth watching. 

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Airlines rebounded after a brief dip to High Neutral; Health Care Distributors is scoring well across the board (other than Technical factors); Specialty Stores is cheap due to the changing retail landscape.

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Of the 110 industries in our framework, the top seven are all Consumer Discretionary.

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Asset Management & Custody Banks, General Merchandise Stores, and Hotels & Leisure are among the month’s intriguing opportunities based on the current GS Scores.

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Defying the industrials sector slump.

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Homebuilding Stocks Are On A Stellar Run—Can The Streak Continue?

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Info Tech, Consumer Discretionary, and Health Care are the top-three rated sectors; Energy, Utilities, and Telecom comprise the bottom of the ranks.

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Rapid growth, coupled with regulatory support, has the potential to bring autonomous vehicles (AV) to the streets sooner than some may anticipate.

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Drug Retail, Life Sciences Tools & Services, and Specialized Finance are among the month’s intriguing opportunities based on the current GS Scores.

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With the Major Trend Index now in “neutral” territory, and several well-known market strategists urging increased caution and risk awareness, we offer our perspective on defensive investing from the standpoint of our group work.

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