The S&P500 was down -2.1% for the week, and -23% for the year, in a range trade of 242-252 with, finally, lower volatility.
The number of confirmed COVID19 cases in the US is rising and will probably rise in the 3-5 weeks as measurements to reduce exposure to the coronavirus are not as strict as they are in Europe.
Weekly initial jobless claims climbed to a record 6.6 million, totaling the last two weeks of jobless claims to 9.9 million, the economy is taking a strong hit in job creation as it halts all economic activity for the time the virus forces people to social distancing.
AlphaOverBeta Next Week Forecast
Our model portfolios are open for subscribers to AlphaOverBeta.net
AlphaOverBeta uptrending watchlist
Using AOB Dashboard to spot trending opportunities in the market.
The highest on the uptrending rank is Conagra Brands, Inc. (CAG), the company has a positive technical momentum which we believe should continue especially now that the share price had just broken the 30$ resistance line, the upside is bigger than the downside and our long equity portfolio is long CAG.
Also in the uprending categories are Citrix Systems, Inc. (CTXS) which provides workspace, networking, and professional services worldwide, Consumer Staples Select Sector SPDR Fund (XLP) and ProShares UltraShort Euro (EUO).
Specific stocks in these sectors may be found on our Dashboard
AlphaOverBeta downtrending watchlist
Using AOB Dashboard to spot trending opportunities in the market.
Our down-trending list is constructed by Arconic Corporation (ARNC) which manufactures and sells aluminum sheets, and architectural products in the United States and Europe, we have a short position on the stock as the current market conditions are not favorable for the company business activity.
Also on the downtrending list is UAL, XHB, and RESD.
AlphaOverBeta sectors ranking
Below you may find our leading and lagging sectors.
Leading the rank are Health Care Select Sector SPDR Fund (XLV), and Consumer Staples Select Sector SPDR Fund (XLP) which were hit the least in the last drop and made a very nice price rebound, we forecast that these attractive sectors will be the first to take the market up incase we see a market move to the upside, in any case, we are long these sectors in our asset allocation portfolio
AlphaOverBeta Trades
We have a number of specific stock picks from the above sectors in our website,
You may find all of AlphaOverBeta trades in the Real Time Trading Updates of our website
Trade Safely,
Alon