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Cyclical Rebound Likely to Continue; ISRG Looks Attractive

July 17, 2020
Cyclical Rebound Likely to Continue; ISRG Looks Attractive

Cyclical stocks continue to show more evidence of bottoming. Last week, I noted after a correcting from the highs on June 8, cyclicals in general, were poised to rally.

Over the past week, cyclicals have begun to rebound, and now look poised to rise further into late July. By then, my expectation is that the daily momentum indicators I’ve been watching over the past few weeks are likely to move back toward overbought territory, setting the stage for another pullback/pause well into August.

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