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Won Europe Today

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On Friday,

  • It was a good day for European markets as most major indices consolidated their gains after reclaiming their
    respective 21-DMA. However, volumes were not encouraging. The distribution day count remained on the higher
    side. We recommend that investors remain cautious and book profits in extended names.
  • The Stoxx 600 gained more than 1% after it managed to close above its 21-DMA (on lower volume) on Thursday.
    The index was upgraded to a Confirmed Uptrend as it reclaimed the previous high. The majority of sectors closed
    in positive territory with Autos gaining more than 2%.
  • Among other major indices, France’s CAC and Germany’s DAX managed to close above their declining 21-DMA.
    However, price action remains choppy and does not inspire confidence. The U.K.’s FTSE 100 continues to trade
    below its 50-DMA.
  • Among the 17 indices that we track in Europe, only Norway closed in negative territory. The Netherlands was
    upgraded to a Confirmed Uptrend after it reclaimed its prior rally high.Actionable names in the Focus List include
    Alphawave IP Group (AWE.GB; AWE:LN), Soitec (SOI.FR; SOI:FP), Yougov (YOU.GB; YOU:LN), Halma
    (HLMA.GB; HLMA:LN), and Teleperformance (ROFR.FR; TEP:FP).

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq rallied strongly off 50-DMA support early last week before
gapping back to new all-time highs on Friday. Both are now pushing back toward their respective upper channel lines, which are above
4,500 on the S&P 500 and 15,100 on the Nasdaq. Support is again the rising 10- and 21-DMA. The distribution day count declined to four
and three, respectively, with no further expiration for two weeks.

BHG GROUP

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O’Neil Methodology
• The stock has declined ~14% in the last three weeks due to general
market weakness and has breached its 200-DMA. It is currently taking
support at the SEK 140 level. We recommend holding positions here.
Trim on a break below SEK 137.
• Good fundamental ratings: EPS Rank of 71 and SMR Rating of A on the
back of strong growth trends and recently improving profitability.
Composite Rating of 46 is weak due to declining RS and A/D Ratings.

POOL CORP

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O’Neil Methodology
• The stock is currently trading in the buy range of $449.44–471.91 after
breaking out of a stage-one flat base. Immediate support is at its 50-
DMA, 2.6% away. Hold positions and accumulate if the stock crosses
above its 21-DMA.
• Top-notch fundamental ratings: Composite Rating 98, SMR Rating A,
EPS Rank 98. Its shareholder returns CAGR has surpassed 26% since its
IPO in 1995. Of the group’s overall

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 underweighted
as they may be vulnerable to further downside risk and underperformance. European names highlighted this week include
Reckitt Benckiser (RKT.GB; RKT LN), Baloise Holding (BALN.CH; BALN:SW), Orion B (ORNB.FI; ORNBV:FH), Ericsson
(SL@G.SE, ERICB:SS), and Deutsche Lufthansa (LHAX.DE; LHA:GR).

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pushed higher for a third straight session and are both
now set to test near-term resistance at last week’s all-time highs. Both indices are back above near-term support along the 10- and 21-
DMA. The distribution day count stands at five and four, respectively, with one day expiring on each at the close today.

Won Europe Today

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Yesterday,

  • European markets closed in positive territory for the second consecutive session, recovering from Monday’s losses
    and boosted by strong earnings. We continue to recommend a selective approach to increasing risk. Focus on
    quality ideas emerging out of sound bases with RS line at or near new highs while reducing exposure to stocks
    breaking below key support levels.
  • The Stoxx 600 found resistance at its 50-DMA, gaining more than 160bps on lower volume. The index remains in
    an Uptrend Under Pressure with nine distribution days. If the index retakes its 50-DMA on higher volume and after
    expiry of a couple of distribution days, we may change the market status to a Confirmed Uptrend. All the sectors
    posted solid gains with Travel & Leisure (+3.68%) recovering from last week’s loss.
  • Among other major indices, France’s CAC and Germany’s DAX failed to retake their 50-DMA, despite gaining on
    higher volume. The U.K.’s FTSE gained 1.70% on lower volume and has nine distribution days.
  • All the 17 indices we cover ended in the green with Ireland and Spain being the outperformers. Of the 17 indices we
    cover, five are in a Confirmed Uptrend, while the remaining, including the Stoxx 600, are in an Uptrend Under
    Pressure.
  • Actionable names in the Focus List include Alphawave IP Group (AWE.GB; AWE:LN), Soitec (SOI.FR; SOI:FP),
    Yougov (YOU.GB; YOU:LN), Halma (HLMA.GB; HLMA:LN), and Teleperformance (ROFR.FR; TEP:FP).

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq tacked on moderate gains after Tuesday’s strong rally.
Each index has regained its 21-DMA (S&P 500:4,320, Nasdaq:14,520) and is less than 1% off highs. The distribution day count stands at
five and four, respectively, with another day set to expire on each index after the close tomorrow.

JUBILANT FOODWORKS

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The stock advanced more than 7% today and broke out of a 13-week
long consolidation base. It is trading in the buy range of INR 3,216–
3,377. Immediate support is at its 21-DMA ( 6% away ), followed by its
50-DMA ( 12% away ).
• Fundamental ratings are good and expected to improve further, given
the ongoing economic recovery. EPS Rank of 93, Composite Rating of
67, and SMR Rating of C.
• Technical ratings are strong and indicate buying interest. Up/Down
Volume ratio of 1.4x and an A/D Rating of A-. A weak RS Rating of 33
due to the 13-week consolidation phase is expected to improve, given
the stock’s strong breakout after results. The number of funds holding
the stock has nearly doubled in the last two years.

Chipotle Mexican Grill

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Key points from this report:

 

  • CMG reported a good set of Q2 numbers after-market yesterday, beating estimates on both the top and bottom line. Q3 guidance was better than expected, too.
  • The stock appears poised to break out of a stage-two cup base on above average volume; accumulate if it does. Pivot point is $1,580.
  • Although we remain mindful of wider macroeconomic risks, including the spread of the Delta variant, we think CMG’s digital prowess, strong brand, and good trading momentum insulates it well.