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Won Europe Today

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Yesterday,

European markets closed majorly in the red as investors continued to be cautious of rising inflation and bond yields. Disappointing earnings from Technology stocks further dragged Germany’s DAX. However, the U.K.’s FTSE 100 closed higher as the government plans easing of restrictions from March.
The Stoxx 600 closed in the red for the second straight day and was down 0.40% with support at its 21-DMA. Among sectors, Technology was the major decliner, while Travel & Leisure gained.
Among other major indices, France’s CAC closed in the green on higher volume and remains in a Confirmed Uptrend; it is currently consolidating along its moving averages. Germany’s DAX closed in the red with support at its 50-DMA and recorded a distribution day, taking the total distribution day count of six. The U.K.’s FTSE 100 also closed in the green on higher volume and remains in an Uptrend Under Pressure with six distribution days.
Of the 17 indices that we track, 10 closed in negative territory and recorded a distribution day each, including Denmark which lost the most. Austria was shifted to a Confirmed Uptrend after it reclaimed its prior rally high. The average distribution day count increased to 6.3, which is a concern.
Actionable names in the Focus List include Comet (COTN.CH; COTN:SW), Straumann Holding (STMN.CH; STMN :SW), GN Store Nord (GSN.DK; GN:DC), Schneider Electric (QT@F.FR; SU:FP), and B&M European Value Retail (BME.GB; BME:LN).

Won Europe Today

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Yesterday, we published our Weekly European Summary, click here to access the report. Key points from the report:

  • The Stoxx 600 is in a Confirmed Uptrend but distribution remains elevated at seven days, which calls for a cautious approach when adding positions to portfolios.
  • About half of the countries in the region are now in an Uptrend Under Pressure with an average distribution day count of six. The elevated distribution day count remains a concern.
  • Over the past 10 days, we removed three stocks from the list (Solaria, SEM.ES; SLR:SM; Scatec, SCAT.NO; SCATC:NO; and Kering, KER.FR; KER:FP) and added two new names (Comet Holding, COTN.CH; COTN:SW and GN Store, GSN.DK; GN:DC).
  • Actionable names in the Focus List include Comet (COTN.CH; COTN:SW), De Longhi (DLG.IT; DLG:IM, Straumann Holding (STMN.CH; STMN:SW), Lonza Group (LONN.CH; LONN:SW, and GN Store Nord (GSN.DK; GN:DC).
  • Watchlist: Bhp (BHP.GB; BHP:LN), Navigator (NVG.PT; NVG:PL), Kloeckner (KCOX.DE; KCO:GR), Whitbread (WTB.GB; WTB:LN), Leroy Seafood (LSG.NO; LSG:NO), Admiral (ADM.GB; ADM:LN), BNP (BNP.FR; BNP:FP), ING (INGA.NL; INGA:NA), Société Générale (SGE.FR; GLE:FP), Swiss Life (SLHN.CH; SLHN:SW), Asos (ASC.GB; ASC:LN), Teamviewer (TMVX.DE;
    TMV:GR), and Fortnox (FORT.SE; FNOX:SS).

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 pulled back 0.8% on Monday but remains slightly above 21-DMA support (3,871). It picked up a distribution day but also lost one due to time. The Nasdaq fell 2.5% and breached its 21-DMA (Nasdaq:13,695), while the next level of support is at the rising 50-DMA at 13,223 (-2%). The distribution day count still stands at four and three days, respectively, with no more expiring this week.

Won Europe Today

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Friday,

  • European markets closed in the green led by strong corporate earnings and as investors saw buying opportunity amid a
    pullback. Last week, European markets closed in positive territory before having a choppy start to the week led by slow
    vaccine rollout and rising inflation.
  • The Stoxx 600 closed in the green on higher volume after declining for three consecutive days. The index was up 0.53%. The
    gains were led by banks and Travel & Leisure sector. For the week, the index closed in the green, posting gains for the third
    consecutive week.
  • Among other major indices, France’s CAC, Germany’s DAX, and the U.K.’s FTSE 100 closed in the green on higher volume.
    France’s CAC is in a Confirmed Uptrend with eight distribution days whereas Germany’s DAX and the U.K.’s FTSE 100 are in
    an Uptrend Under Pressure with six distribution days each.
  • Of the 17 indices that we track, 15 closed in positive territory, with Ireland, Portugal, and Luxembourg leading the gains.
    Switzerland and Denmark closed in negative territory with Denmark recording a distribution day. The average distribution
    day count is at 6.06.
  • Actionable names in the Focus List include Comet (COTN.CH; COTN:SW), De Longhi (DLG.IT; DLG:IM), Straumann Holding
    (STMN.CH; STMN:SW), Lonza Group (LONN.CH; LONN:SW), and GN Store Nord (GSN.DK; GN:DC).

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back slightly last week but held above support at
the 10-DMA (S&P 500: 3,905) and 21-DMA (Nasdaq: 13,720), respectively. The distribution day count stands at four and three days,
respectively, with one day expiring on S&P 500 after the close today.

Copart

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Copart is a global leader in online vehicle auctions. Its innovative
technology and online auction platform links sellers to more than 750K
members in more than 170 countries. The company offers services to
process and sell salvage and clean title vehicles to dealers, dismantlers,
rebuilders, exporters and, in some cases, end users.

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 Berkeley Group Holdings (BKG.GB;
BKG:LN), Inwit (INW.IT; IMW:IM), Idorsia (IDIA.CH; IDIA:SW), and Koninklijke Vopak (VPK.NL; VPK:NA).

Won Global View

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The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back between 0.4–0.7%, but closed off session lows and
in the upper part of the day’s range. Support remains at the 21-DMA (S&P 500: 3,854; Nasdaq: 13,695). The distribution day count stands
at five and three, respectively, with one day set to expire on the S&P 500 after the close today.