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deGraafsDaily
Wednesday J anuary 30, 2013
IntermediateTermBarometerIndustryGroupTechnicalRankings
JeffreydeGraaf,CMT,CFA RobGinsberg AlexMeintel,CMT ChetanJain [email protected]
Strongest Weakest
Automobiles DiversifiedConsumerServices
Construction Materials Multi
Utilities
RealEstateManagement&
Development MultilineRetail
BuildingProducts ElectricUtilities
CapitalMarkets Tobacco
PleaseDoNotForward
Energyhasbeenalaggardinourwork,withrecentsignsofrelativeperformancegivingitthebestglimmersofhopeasoflate. It
remainsessentiallyneutralinoursectorweightings,butnearly42%ofthenamesmade65dayhighsonTuesday. Refinersare
clearleaderswith98%oftheindustrygroupata65dayhigh,butothersegmentsofthesectorareonthemend. Buyingthe
namesthatarentperformingistemptingasacatchupplay,butwefindchasingtherelativestrengthnamesisabetterstrategy
asagroupimproves. Weveputahostofour1sand2sonaweeklybasisintodayspiece. Energyisimportantbecauseit
signifiesan
important
input
to
inflation
which
is,
in
itself,
an
important
input
to
forward
multiples
for
equities.
This
will
be
a
relativecallforthesector,particularlyagainstdiscretionarynames,asthatperformancedifferentialtendstocloselyfollow
inflation. Fornow,crudeoilstillappearslockedinaneutraltrend,andwhilewearewillingtoincreaseexposuretothesector,we
donotbelievethatitrepresentsleadership.
IPOsperformancereflectsconfidenceandliquidity. Theindexwasanearlyandtimelyindicationofthebullishenvironmentfor
stocksbackinthe4th quarter,anditcontinuestodowell(withandwithoutFB). Wehaveputinsomeofourfavoritenewissues
intodayspiecetogiveyousomefreshideas,mostlygrowthrelated,thatshouldserveasaproxyforoverallmarkethealth.
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