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Won Europe Today

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Yesterday,

European markets ended in negative territory as the 10-year Treasury yield jumped to levels not seen since February 2020. There is a fear of inflation as U.S. retail sales beat expectations. We will keep an eye out for opportunities as they appear while keeping a check on signs of deteriorating conditions.
The Stoxx 600 dropped 0.74% on higher volume, taking the distribution day count to as high as six. Technology underperformed, declining 200bps, while Health Care and Basic Resources ended in the red.
Among other major bourses, Germany’s DAX underperformed, declining 1.10%, France’s CAC and the U.K.’s FTSE also ended in the red.
All the 17 indices we track declined with almost all of them recording a distribution day. The elevated average distribution count of 6.3 is a concern though. Market status remains unchanged with nine markets in a Confirmed Uptrend while others remain in an Uptrend Under Pressure.
Actionable names in the Focus List include SoftwareOne Holding (SWON.CH; SWON:SW), De Longhi (DLG.IT; DLG:IM), Lonza Group (LONN.CH; LONN:SW), Schneider Electric (QT@F.FR; SU:FP), Yougov (YOU.GB; YOU:LN), and GN Store Nord (GSN.DK; GN:DC), and Straumann Holding (STMN.CH; STMN:SW).

Won Global View

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The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq pulled back, however, they recovered off session lows and closed near the highs of yesterday’s range. Support remains at the 10- and 21-DMA (S&P 500: 3,854; Nasdaq: 13,668). The distribution day count stands at five and three, respectively, with one day set to expire on the S&P 500 after the close tomorrow.

Won Global View

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The U.S. market remains in a Confirmed Uptrend. The S&P 500 was down just slightly on Tuesday, but avoided distribution and still has
five over five weeks. It is 2% above the rising 21-DMA. The Nasdaq Composite was down 0.3% and did add a third distribution day. It
remains about 3% above the rising 21-DMA.

Won Europe Today

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Yesterday,

  • European markets were mixed after the previous day’s rally. With most of the markets in a Confirmed Uptrend, we are open
    to add risk in quality growth stocks coming out of proper bases.
  • The Stoxx 600 was almost flat on lower volume, avoiding a distribution day. The index, which remains in a Confirmed
    Uptrend with five distribution days, is facing resistance at its one‐year high. On the sectoral front, Banks (+1.18%) and Basic
    Resources (+1.24%) led gains, while Health Care, Media, and Utilities ended in negative territory.
  • Among other major indices, Germany’s DAX recorded a distribution day, taking the distribution count to six, while France’s
    CAC and the U.K.’s FTSE avoided one.
  • Six out of the 17 indices ended in positive territory, with France being flat and others in the red. There was no change in the
    market status even as the average distribution day count remained elevated at 5.8.
  • Straumann Holding (STMN.CH; STMN:SW) was added to our actionable list as the stock broke out from a new base.
    Actionable names in the Focus List include SoftwareOne Holding (SWON.CH; SWON:SW), De Longhi (DLG.IT; DLG:IM), Lonza
    Group (LONN.CH; LONN:SW), Schneider Electric (QT@F.FR; SU:FP), Yougov (YOU.GB; YOU:LN), and GN Store Nord
    (GSN.DK; GN:DC).

Won Europe Today

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Yesterday,

  • European markets surged as U.S. President Joe Biden is pushing ahead with his plan to pump an extra $1.9T in stimulus into
    the economy. Oil prices jumped to 13‐month high, boosting the markets further.
  • The Stoxx 600 gained 1.32% on higher volume and is trading 3% below its one‐year high of €433.90 in February 2020. The
    index is in a Confirmed Uptrend with five distribution days. All the sectors ended in positive territory, led by Banking
    (+3.11%), Basic Resources (+4.00%), and Oil & Gas (+3.98%).
  • Among other major indices, the U.K.’s FTSE was the best performer, gaining 2.58% as the British government raised hopes
    for a faster easing of lockdown after it reached its goal of vaccinating 15M people. France’s CAC was upgraded to a
    Confirmed Uptrend after it reached new highs on good volume. Germany’s DAX continues to be in an Uptrend Under
    Pressure with five distribution days.
  • All sectors ended in the green, with Luxembourg outperforming and being upgraded to a Confirmed Uptrend. Eight out of
    the 17 markets are in an Uptrend Under Pressure, with remaining being in a Confirmed Uptrend.
  • Actionable names in the Focus List include SoftwareOne Holding (SWON.CH; SWON:SW), De Longhi (DLG.IT; DLG:IM), Lonza
    Group (LONN.CH; LONN:SW), Schneider Electric (QT@F.FR; SU:FP), Yougov (YOU.GB; YOU:LN), 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 built on the prior week’s strong gains, moving further into
all-time highs last week. Near-term support remains the rising 10- and 21-DMA (S&P 500: 3,848; Nasdaq: 13,610). The distribution day
count remains relatively low at five and two, respectively, with one day expiring on the S&P 500 this week.

Won Europe Today

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Friday,

  • European markets, except for Norway, Austria, and Portugal, ended in positive territory. We remain positive on the overall
    market and advise investors to add names that are breaking out while booking profits in extended ideas.
  • The Stoxx 600 was upgraded to a Confirmed Uptrend after it reached a new high, gaining 0.64%. Gains were led by Media,
    Technology, and Health Care stocks. Auto and Utility stocks ended in the red.
  • Among other major indices, France’s CAC, Germany’s DAX, and the U.K.’s FTSE ended in the green. The distribution day
    count remains high at seven for CAC and five each for DAX and FTSE.
  • 10 out of 17 markets remain in an Uptrend Under Pressure, with others being in a Confirmed Uptrend.
  • GN Store Nord (GSN.DK; GN:DC) was added to our actionable list after the stock broke out from a consolidation base. Other
    actionable names in the Focus List include B&M European (BME.GB; BME:LN), SoftwareOne Holding (SWON.CH;
    SWON:SW), De Longhi (DLG.IT; DLG:IM), Lonza Group (LONN.CH; LONN:SW), Schneider Electric (QT@F.FR; SU:FP), and
    Yougov (YOU.GB; YOU:LN).

Pool Corp

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O’Neil Methodology
• The stock declined 5.9% yesterday and breached its 100-DMA. Next
support is at the 200-DMA ($316; 4.5% away).
• Top-notch fundamental ratings: Composite Rating 88, SMR Rating A,
EPS Rank 99. It has delivered a total shareholder return CAGR of >26%
since its IPO in 1995. 60% of the group’s sales are recurring, making its
business extremely resilient and well-positioned to outperform in the
current environment.

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 Bae Systems (BA.GB; BA/ LN);
Inwit (INW.IT; IMW:IM); Grifols (PROB.ES; GRF:SM).

Won Global View

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The U.S. market is in a Confirmed Uptrend. The S&P 500 and Nasdaq traded relatively flat for a third straight session, still digesting
sharp gains from last week. Support remains the rising 10- and 21-DMA (S&P 500: 3,838; Nasdaq: 13,560). The distribution day count
stands at five and two, respectively, one day expiring on the S&P 500 next week.