O'Reilly Automotive

  • ORLY

  • $1,109

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  • $1,130

  • $1,130

  • $1,097

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 -0.03% ) moving to multi-week highs as stocks like AZO -0.73%  CCL 1.98%  CZR -0.42%  HAS -0.86%  NCLS ORLY -1.83%  VFC -0.62%  TSCO 1.62%  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 -0.03% , 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 -1.65% , PHM -0.89%  and DHI -1.10%  along with AMZN 2.04%  and DPZ -2.08%  (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 1.98% '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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