We’re coming off extreme oversold levels with sentiment in washout territory.
A monster bounce is just around the corner.
So I’ve been digging through all of our scans over the last few days. Some new, some old. Looking for the best long opportunities.
They are all different and cover a variety of universes. International stocks, US growth stocks, sector and industry ETFs, commodity stocks, etc. We have something for everything.
The scans are all similar in a sense that they look to highlight some form of relative strength, momentum, or a combination of the two.
I’m going live tomorrow after the Morning Show to walk through my scanning process
But for now, here’s a fund that just popped on one of our international universes. This is the European Financials ETF $EUFN:
This was a leadership area before the volatility and it’s held up incredibly well through all the selling in recent weeks. After a false start out of this massive base, I think it could break out any day now.
And here’s what I really like about it. This is EUFN relative to the S&P 500:
European Financials aren’t just on the cusp of breaking out of a decade-long range on absolute terms, but they are also reversing trend on a relative basis. I love it when the relative trend leads like this. It’s some of the best information we get.
And it’s exactly what these scans are built to identify.
