PulteGroup

  • PHM

  • $139

  • +3.07%

  • $137

  • $141

  • $137

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 0.96% ) moving to multi-week highs as stocks like AZO 0.70%  CCL 1.77%  CZR 5.94%  HAS 2.11%  NCLS ORLY 0.50%  VFC 8.47%  TSCO 1.24%  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 0.96% , 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 0.85% , PHM 3.07%  and DHI 3.27%  along with AMZN -0.87%  and DPZ 0.42%  (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 1.77% '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
Tickers

Events

Tickers

Trending tickers in our research