Automotive 2023-09-13: -1 to "WEAK" strength rating (6th strongest of 9 levels), previous move was DOWN

Brian Degracia

13 Sep 2023 • 2 min read

Automotive for the trading week ending 2023-09-13 - weakening.

SUMMARY

Performance

Bottom line: WEAKENED 3 levels over the past 6 weeks
Context: WEAKER recently vs. YTD
- 61% positive stocks YTD
- 40% positive stocks past 4 weeks

Background

Largest Sub-industries (4 total): Auto Parts, Major Manufacturers
10 Biggest Market Cap stocks: TSLA, TM, RACE, STLA, HMC, F, GM, PCAR, LI, JCI

DETAIL: 1 week review, YTD/4 weeks lookbacks

1 Week Review

Strengthened: 0/4 sub-industries
Weakened: 2/4 sub-industries

Strongest at Average/5th strongest (of 9 levels) rating: Major Manufacturers
Weakest at Weak/6th strongest rating: Auto Parts, Recreational Vehicles, Trucks/Other Vehicles

10-Week Week-by-Week Industry/Sub-industry Strength Comparison
What: recent week-by-week strength changes for the industry and each underlying sub-industry
Why: objective measurement of strengthening and weakening enabling comparison within and across industries and sub-industries

RVs struggling over the past 6 weeks. Major Manufacturers have the highest strength rating of this bunch but hasn't had a strengthening week in more than 2 months.

Strongest and Weakest Stocks
What: stocks currently rated Strongest/Weakest (highest/lowest of 9 strength ratings)
Why: most interesting stocks for available capital because
- the Strongest may be meme-stock mania candidates, and
- the Weakest may be prone to large bottom-fishing/short-covering-driven pops. (Not guaranteed and not a recommendation - weak stocks in weakening sub-industries may be better shorts than high-flyers.)