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Won Europe Today

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On Friday,

  • European markets closed in the red for the third consecutive day. Uncertainty about the economic effects of the
    Omicron variant and concerns regarding the U.S. monetary policy pushed down European stocks Friday. Due to
    the volatility in the market, we recommend that investors avoid taking on additional risk and wait for the markets to
    consolidate above their 50-DMA. Investors should continue to monitor indices that breached their key support lines
    to reduce positions in those markets and book profits.
  • The Stoxx 600 declined 0.3% on lower volume but has found support at its 50-DMA. Retail, Technology, and Travel
    & Leisure were among the worst performing sectors, dropping 1.5%, 0.8%, and 0.8%, respectively. Auto was the
    only major sector that registered a significant gain of 0.7%.
  • Among the other major indices, France’s CAC and Germany’s DAX dropped 0.2% and 0.1%, respectively. While
    the CAC has found support at its 50-DMA, the DAX has breached that support line, but maintained its 200-DMA.
    The U.K.’s FTSE 100 ended 0.4% below its previous close, but continued to find support above its 21-DMA.
  • Among the 17 indices we track in Europe, all closed in the red, except Switzerland, which maintained its previous
    day’s close. There was no change in the market condition of the 17 indices, with five continuing in a Confirmed
    Uptrend, three in a Rally Attempt, and the remaining nine in an Uptrend Under Pressure. Ireland recorded its first
    distribution day in a Confirmed Uptrend, bringing the average number of distribution days in European markets to
    3.1.
  • Actionable names in the Focus List include Sartorius (SRT3X.DE; SRT3:GR), Dassault Systèmes (DSY.FR;
    DSY:FP), Halma (HLMA.GB; HLMA:LN), Sika (SIKA.CH; SIKA:SW), Partners Group Holding (PGHN.CH;
    PGHN:SW), Rentokil Initial (RTO.GB; RTO:LN), Coface (COFA.FR; COFA:FP), Beneteau (CHBE.FR; BEN:FP),
    and Puma (PUMX.DE; PUM:GR).

Won Global View

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The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq regained their respective 50-DMA last week, with the S&P 500 now trading within 1% of an all-time high. Despite the move, both remain within consolidation with no real trend yet to develop. We view the 50-DMA as the primary level of near-term support and resistance at all-time highs. The distribution day count stands at three each with one day expiring on the S&P 500 this week.

ACADEMY SPORTS

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O’Neil Methodology
• The stock gained 5% pre-market after posting strong Q3 results. It is
currently trading just below the buy range of $45.43–47.70 with next
support at the 100-DMA, 3% away.
• The stock’s fundamental profile is near-perfect when viewed through an
O’Neil lens: EPS Rank 94, Composite Rating of 96, and SMR Rating of A.
It has delivered healthy rates of same-store sales growth over the past
five years (~5%). There remain significant opportunities to expand; the
company’s penetration rate across the U.S. remains low despite the
density of store sales. Profit margins and ROE have also improved
considerably over the past three years, reflecting the merits of the

WATCHES OF SWITZERLAND

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Watches of Switzerland Group (WOSG) is the U.K.’s leading retailer of luxury
watches with a market share of 37% in 2019 (32% in 2015). It sells luxury
watches, which accounted for 87% of sales in FY21. The group also sells luxury
jewelry (own brand and others), which accounts for 7% of sales. It operates 148
stores globally (113 in the U.K., 35 in the U.S.), including multi-channel and
mono-brand boutiques for independent brands.

Won Europe Today

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We released our Weekly Global Laggards Report yesterday (please click here to access the report). The stocks
highlighted in this report are laggards relative to their own domestic markets. We recommend that they be under weighted
as they may be vulnerable to further downside risk and underperformance. European names highlighted this week include
Adidas (Xet) (ADSX.DE; ADS:GR), Signify (LIGH.NL; LIGHT:SW), Vonovia (XET) (VNAX.DE; VNA:GR), Royal Unibrew
(RBR.DK; RBREW:DC), Adp (ADP.FR; ADP:FP), and Orion Corporation B (ORNB.FI; ORNBV:HE).

Won Global View

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The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq found resistance near last week’s highs before
pulling back in lower volume to close at the lows of the session. Though the S&P 500 remains above its 21-DMA, the primary level of nearterm support for both indices is the 50-DMA. Overall, both remain in consolidation with no real trend yet to develop. The distribution day
count remains at three each, with one day expiring on the S&P 500 next week.

Won Europe Today

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Yesterday,

  • European markets closed in negative territory giving up early gains, due to concerns regarding the efficacy of
    existing vaccines against the omicron variant and as the U.K. government imposed tougher COVID-19 restrictions.
    Markets have been pretty volatile in the past few days and hence we recommend a patient approach to adding risk.
    We would like to see indices settle above their 50-DMA and we can add names trading above their respective 50-
    DMA with RS line rising or near highs.
  • The Stoxx 600 declined 0.6% on below average volume and recorded its fourth distribution day. The index managed
    to close above its 50- and 200-DMA. While most sectors closed in the red, the Travel and Leisure sector gained
    0.8% afterBioNtech and Pzifer announced that the three-shot course of their vaccines has been effective in
    neutralizing the omicron variant in laboratory studies.
  • Among other major indices, France’s CAC and Germany’s DAX closed above their 50- and 200-DMA despite losing
    0.7% and 0.8%, respectively, on lower volume. Although the U.K.’s FTSE maintained its previous day close, its
    distribution day count remains elevated at 7.
  • Among the 17 indices that we track in Europe, Denmark, Switzerland, and Luxembourg were the only gainers.
    Spain and Sweden were upgraded to a Rally Attempt. Of the 17 markets we track, five are in a Confirmed Uptrend,
    three in a Rally Attempt, and remaining are in an Uptrend Under Pressure.
  • Actionable names in the Focus List include Sartorius (SRT3X.DE; SRT3:GR), Dassault Systèmes (DSY.FR;
    DSY:FP), Halma (HLMA.GB; HLMA:LN), Sika (SIKA.CH; SIKA:SW), Partners Group Holding (PGHN.CH;
    PGHN:SW), Rentokil Initial (RTO.GB; RTO:LN), Coface (COFA.FR; COFA:FP), Beneteau (CHBE.FR; BEN:FP),
    and Puma (PUMX.DE; PUM:GR).

Won Global View

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The U.S. market remains in an Uptrend Under Pressure. The S&P 500 and Nasdaq tacked on moderate gains and are digesting
Tuesday’s big gap up. Support is at the 21-DMA (S&P 500: 4,626; Nasdaq:15,575), followed by the rising 50-DMA. The distribution day
count stands at three on each index.

Won Europe Today

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Yesterday,

  • European markets advanced for the second consecutive day on good volume as worries about the Omicron variant
    eased. The markets had two strong days, but, going forward, confidence in the rally will increase once leading
    stocks reclaim their key moving averages. A few more strong days would boost confidence further. We
    recommend that investors add names breaking out of consolidation with higher relative strength and superior
    fundamentals.
  • The Stoxx 600 retook its 50-DMA on strong volume driven by Technology and Auto stocks. All other sectors also
    ended in the green. The index is in an Uptrend Under Pressure and we would upgrade it to a Confirmed Uptrend if
    momentum continues and with the expiry of a couple of distribution days.
  • Among the other major indices, Germany’s DAX was upgraded to a Confirmed Uptrend as it managed to stage a
    follow-through day. The index moved up 2.82% with volume higher than yesterday’s session and retook its key
    moving averages. France’s CAC also retook its 10- and 21-DMA on higher volume. The U.K.’s FTSE also gained on
    higher volume, but the distribution day count remains super elevated at 7.
  • Along with Germany, Finland, Ireland, and Luxembourg were upgraded to a Confirmed Uptrend after recording a
    follow-through day each. All the indices we cover ended in the green on good volume.
  • Actionable names in the Focus List include Sartorius (SRT3X.DE; SRT3:GR), Dassault Systèmes (DSY.FR;
    DSY:FP), Halma (HLMA.GB; HLMA:LN), Sika (SIKA.CH; SIKA:SW), Partners Group Holding (PGHN.CH;
    PGHN:SW), Rentokil Initial (RTO.GB; RTO:LN), Coface (COFA.FR; COFA:FP), Beneteau (CHBE.FR; BEN:FP),
    and Puma (PUMX.DE; PUM:GR).