CDAY, TER, IBM, WEX, CLDR, WTFC, JRVR, LNT, & COP
| CDAY Ceridian HCM Holding, Inc. ($89.86) - Software - CDAY moved higher Wednesday to break a double top at $92, marking a third consecutive buy signal and a new all-time high. This 4 for 5'er moved to a positive trend in April and ranks in the top half of the software sector RS matrix. Weekly and monthly momentum are also each positive, and the stock has been on an RS buy signal against the market since late-2018. Exposure may be considered at current levels, with initial support offered at $88 and further support potentially found at $85. Earnings are expected on 11/9. |
| CLDR Cloudera, Inc. ($10.10) - Software - CLDR continued lower Wednesday to break a double bottom at $10, marking its second consecutive sell signal. This 2 for 5'er moved to an RS sell signal against the market earlier this month and ranks in the bottom quintile of the software sector RS matrix. Long exposure should be avoided here, while those looking for short ideas should note that the stock is currently at support from June, with the bullish support line currently positioned at $9.50. Initial overhead resistance may be found at $12. |
| COP ConocoPhillips ($30.64) - Oil - COP gave a sixth consecutive buy signal on Wednesday when it broke a double bottom at $31. While COP ranks in the top half of the oil sector matrix, the sector as a whole is weak and COP is a 2 for 5'er that has been in a negative trend since June. Long exposure is not recommended. While potential short sellers should note that COP carries a yield north of 5%. Earnings are expected on 10/29. |
| FCX Freeport-McMoRan Inc. ($17.72) - Metals Non Ferrous - FCX gave a third consecutive buy signal when it broke a double top at $18 in Wednesday's trading. The technical picture for FCX is positive as it is a 5 for 5'er and ranks third out of 14 names in the metals non-ferrous sector matrix. However, those interested in adding exposure should be aware that today's move puts FCX on the verge of heavily-overbought territory. Earnings are expected on 10/22. |
| IBM International Business Machines Corp. ($115.72) - Computers - Shares of IBM continued lower Wednesday after releasing earnings earlier this week to break a double bottom at $116, which also violated the bullish support line to place the stock back in an overall negative trend. This demotes IBM to a 0 for 5'er that has been on an RS sell signal against the market since 2013. Weekly momentum recently flipped negative as well, suggesting the potential for further downside from here. Long exposure should be avoided at this time, while short seekers should note that the stock carries a 5.12% yield and sits at support from June. Further support may be found at $112, with the potential for overhead resistance coming initially at $134. |
| JRVR James River Group Holdings ($52.71) - Insurance - JRVR shares moved higher today to break a double top at $52 to return to a buy signal and now sits one box away from reaching a new all-time high. This 4 for 5'er has been in a positive trend since May and in a column of Xs on its RS chart versus the market since June. JRVR is actionable at current levels with a weekly overbought/oversold reading of 47%. From here, support can be found at $42. Note that earnings are expected on 10/28 and JRVR offers a 2.39% yield. |
| LNT Alliant Energy Corporation ($55.64) - Utilities/Electricity - LNT broke a double top at $56 on Wednesday, marking the stock’s third consecutive buy signal. LNT is a 4 for 5’er within the utilities/electricity sector that has maintained a market RS buy signal since February 2016. Additionally, weekly momentum has been positive for two weeks, suggesting the potential for higher prices. From here, support sits at $49. LNT expects earnings on 11/4 and offers investors a yield of 2.78%. |
| TER Teradyne, Inc. ($92.44) - Semiconductors - TER continued higher Wednesday after their earnings release to break a double top at $89 before matching its multi-year high at $93 intraday. This 4 for 5'er moved to a positive trend earlier this month and ranks in the top half of the semiconductors sector RS matrix. Weekly momentum also recently flipped positive, suggesting the potential for further price appreciation from here. The overall weight of the evidence is positive here and improving. Long exposure may be considered at current levels, with initial support offered at $85. |
| WEX WEX Inc. ($144.19) - Business Products - Shares of WEX fell Wednesday to break a double bottom at $144. This 1 for 5'er moved to an RS sell signal against the market in mid-March and ranks in the bottom half of the business products sector RS matrix. The overall technical picture is weak here. Further support can be found at $142, the current location of the bullish support line, and from $138-136. Initial overhead resistance may come at $152. Earnings are expected on 10/29. |
| WTFC Wintrust Financial Corporation ($50.34) - Banks - WTFC shares moved higher today to break a double top at $50 to mark its second consecutive buy signal. This 4 for 5'er recently entered a positive trend earlier this month and has been on an RS buy signal versus the market since April. WTFC is actionable at current levels with a weekly overbought/oversold reading of 46%. From here, support can be found at $46. WTFC offers a yield of 2.36%. |
