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The stock market may consolidate its gain this week, but the overall trend remains up. The following week is options expiration week, which has a bullish bias.
Here is the performance of the US markets since the October low. Note that the equally-weighted and the small-cap indices have been the leaders. The value index is outperforming the growth index.
We scan the S&P 400 for buy candidates. The screen seeks stocks that are relatively strong and are approaching a favorable cyclical period.
Owens Illinois is at the top of the list. It is not only entering a more favorable period; it is also relatively strong. The first graph below shows that the stock has been strong in the first half of the year, but weak in the second half. The second chart paints a very favorable near-term view. Weekly, we see higher lows in momentum and relative strength. The share price has broken out of a three-year formation that projects a price in the mid-thirties. The monthly graph is constructive for the longer-term. A 14-year downtrend line has been broken to the upside supported by higher lows in momentum and relative strength.
Owens Illinois Annual Percentage Change
Owens Illinois Weekly
Owens Illinois Monthly
Terex Monthly Histogram
Terex Monthly Graph