Lennar

  • LEN

  • $180

  • +0.08%

  • $181

  • $181

  • $178

QUANT_RATINGS

Ticker Appearances

Tue, February 27, 2024 | 3:59PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
Tue, February 27, 2024 | 3:59PM ET
Discretionary is making good strides lately, with the Equal-weighted Invesco Consumer Discretionary/Equal-weighted S&P ETF ratio (RCD/RSP 0.06% ) moving to multi-week highs as stocks like AZO 0.38%  CCL 0.62%  CZR 0.33%  HAS -0.04%  NCLS ORLY 0.48%  VFC 0.23%  TSCO -0.82%  all showing above-avg gains in today's trading. However, on a larger scale, there hasn't yet been a material breakout to suggest intermediate-term outperformance in Consumer Discretionary. However, i do suspect this happens in 2024, and once this larger downtrend is broken in the relative ratio of RCD to RSP 0.06% , we'll see some outsized relative strength in Discretionary names. as this sector will begin to outperform in the near-term, technically. It's early to overweight, but I'll be watching and this Discretionary sector certainly has some names of interest. As many know, i favor the Homebuilders like LEN 0.08% , PHM 0.84%  and DHI 0.07%  along with AMZN 2.37%  and DPZ -0.81%  (on my UPTICKS list) but also feel like the Casinos and Cruise-liners are attractive stocks for mean reversion outperformance for 2024. I like CCL 0.62% 's move today for example technically which is exceeding a 2 month downtrend and this might jumpstart this stock in the short run. Below is the ratio of Discretionary to S&P 500, both shown in Equal-weighted terms
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