Fairlead Strategies founder: This year is the year of the long-term turnarounds

seekingalpha03-16

Many market sectors are seeing long-term turnarounds, as it has been a “very offensive market” with defensive sectors lagging, said Katie Stockton, Fairlead Strategies founder and managing partner in ...

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While consumer staples (XLP), REITs (XLRE) and utilities (XLU) lagged the S&P 500 (SP500), technology (XLK) has had a very strong uptrend in 2023, but this year the Russell 2000 (NYSEARCA:IWM) has recently assumed better relative strength, said Stockton.  And although “it’s far from being strong” there is a breakthrough that has “very bullish long-term implications.”  Financials (XLF) are up 8.66% year-to-date. Health care (XLV) is up 6.45% year-to-date. In addition, value stocks (IVE), (IWN) are also seeing turnarounds. “It has been a concentrated leadership environment as of late with the S&P 500 (SP500) benefiting from Nvidia's (NVDA) huge move up, and yet breath and participation has been super strong, meaning that the equal weighted benchmarks (RSP), mid-cap benchmarks (SP400), (VO), (IJH), (VOE) all have pretty major breakouts.” Even around the world -- Stockton added -- the markets are seeing big breakouts to new all-time highs for some benchmarks that have lagged the S&P 500 (SP500) for many months or years. There are not many breakdowns in the big names either, just some consolidation underway and a short-term loss of momentum, she said. “If you look at the 50-day moving averages for any of these names that are in steep or parabolic uptrends -- Nvidia (NVDA) this morning is 21% below, and there is initial support on the chart,” she said. “It doesn't mean you have to ride it down 20%, but rather have some kind of stop-loss discipline.” About Apple (AAPL), however, she said that the stock “does have the shape of what we would call a long-term ‘double top formation.’ So, if it were to break down decisively below this $170 support level, that'd be pretty major for Apple on the downside.” On the other hand, the Volatility Index (VIX) is showing a bit elevated (projecting 18-20), she said. “We've obviously seen much worse from it, but we have been, over the past couple of weeks, recommending fixed products as a hedge -- a short-term top-down partial hedge. We don't want to be fully hedged in exposure, because we believe this to be more of a neutral consolidation within a very strong uptrend.”  More on iShares Russell 2000 ETF:  IWM: Are Small Caps Being Overlooked In The Megacap Market Frenzy? IWM: Super Micro Computer Is Leading The Russell 2000 And Nothing More Mean Reversion Pair Trade: Long IWM, Short QQQ Goldman Sachs expects U.S. core inflation to resume its moderation Investors retracted capital from the fund market for the second week in three","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2419907332"}