Upticks - July 2024

Upticks – Newton’s Law

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(New Additions in Bold )

Upticks - July 2024
Source: Fundstrat, Bloomberg

Upticks Additions

Upticks Deletions

UPTICKS Total Return vs. SPY, since inception

Upticks - July 2024
Source: Factset, Fundstrat
Upticks - July 2024
Source: Bloomberg, Fundstrat
Upticks - July 2024
Source: Factset, Fundstrat

Upticks One Month Contribution to Performance (June 30th to July 31st)

Upticks - July 2024
Source: Bloomberg, Fundstrat

Upticks Additions Commentary

General Electric – GE 2.38%  ($170.20)

Support- $145, $125; Resistance- $201, $289

Upticks - July 2024
Source: Trading View
  • GE’s high-volume breakout of the recent 2.5 month consolidation bodes well for continued upside follow-through to $201 in the near-term, with intermediate-term targets found at $289
  • GE’s recent push above 2016 highs should result in a coming test of 2007 highs
  • Breakout back to new all-time highs in XLI 1.04%  bodes well for sector leaders like GE to show further gains into August

Dover – DOV 0.96%  ($184.26)

Support – $174, $160; Resistance – $200, $217

Upticks - July 2024
Source: Trading View
  • DOV remains a top stock within Industrials given its technical structure and minor evidence that a breakout back to new highs could be approaching.
  • Consolidation near 2021 all-time highs over the last two months has not taken away from its technical attractiveness, and this looks appealing ahead of a possible move up to 200, then 217.
  • Volume on gains back on 7/25 proved to be the highest of the year and arguably should allow for coming follow-through to test and exceed July peaks.
  • Industrials strength back to new all-time highs bodes well for additional strength out of this sector, and DOV looks appealing ahead of a possible breakout into August.

Hovnanian Enterprises – HOV 4.77%  ($209.89)

Support – $190, $184; Resistance – $263, $317

Upticks - July 2024
Source: Trading View
  • Breakout to new decade highs following a lengthy base from 2009 should drive HOV to $263 and eventually to $317. Dips should make HOV appealing near $190 to buy dips.
  • HOV looks set to show some mean reversion higher within Homebuilding following a lengthy sideways period that has just begun to move to yearly highs, but remains well off its all-time highs.
  • Treasury yields falling sharply should benefit Homebuilders in the months to come and until this group starts to weaken, it’s right to expect further strength.

Kimco Realty – KIM 0.79%  ($21.73)

Support – $20.69, $20.11; Resistance – $23.80, $26.50

Upticks - July 2024
Source: Trading View
  • KIM’s strength over the last few months has been sufficient to break out of downtrends from 2022 and should lift this to test the eight-year downtrend from 2016 as REITS slowly but surely, in my view, improve.
  • REITS have outperformed all other 11 S&P SPDR Select sectors over the last month, with returns of +7.50% through 7/31/24.
  • Movement up to $23.75 looks likely and above this level arguably would drive acceleration up to $26.50-$28.

*Prices are as of 7/31 close.

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