Half Of S&P 500 Stocks Still Below 200-Day Average, Ignoring Covid-Like Rally: 10 Bargain Plays For Latecomer Bulls
Portfolio Pulse from Piero Cingari
The SPDR S&P 500 ETF Trust (SPY) has seen a significant rally, with a 10% gain since October 27, marking the strongest 17-day rally since November 2020. Despite this, only about 52% of S&P 500 stocks are trading above their 200-day moving average. The article lists 10 S&P 500 stocks with the largest discounts to their 200-day averages, including EPAM Systems (EPAM), Citigroup (C), Quest Diagnostic (DGX), Agilent Technologies (A), and others. It cautions that stocks significantly below their 200-day average could be value traps and advises investors to discern between undervalued stocks and those with declining business prospects.
November 21, 2023 | 9:13 pm
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NEUTRAL IMPACT
Agilent Technologies Inc. is trading near its 200-day moving average, which could interest bargain hunters.
Agilent Technologies' proximity to the 200-day moving average might make it appealing to investors, but the potential for being a value trap should be considered.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Citigroup Inc. is also near its 200-day moving average, presenting a potential buying opportunity.
Citigroup's position close to the 200-day moving average may attract investors looking for undervalued stocks, but the risk of value traps remains.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Quest Diagnostic Incorporated is hovering near its 200-day moving average, potentially indicating a bargain.
DGX's current trading level near the 200-day moving average may suggest undervaluation, but investors should be cautious of possible value traps.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
EPAM Systems Inc. is trading near its 200-day moving average, indicating potential as a bargain play.
EPAM's proximity to the 200-day moving average suggests it might be undervalued, but caution is advised due to the risk of value traps.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
SPY has experienced its strongest 17-day rally since November 2020, with a 10% gain since October 27.
The strong rally in SPY indicates a positive short-term sentiment which could continue to attract investors, potentially driving the price up further in the short term.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100