Abbott Laboratories
Fri, November 1, 2024 | 12:35PM ET
Don't look now, but Healthcare has started to show some early signals that it could begin an end of year mean reversion rally. These types of mean reversion trades are common in November into the following February. Thus, while HC trend is negative, it's showing signs that it can snap back. MY technical ranking on Healthcare is neutral but believe this will rally in November and could outperform. I'll discuss more tonight. Notable outperformers today are A-1.04% , ABT1.31% CAH-0.25% , IDXX-0.02% Lots of good strength across various sub-sectors. Following severe underperformance, today's broad-based sector strength within Healthcare is a plus, and XLV-0.65% is breaking out of the minor downtrend of the past month.
Fri, November 1, 2024 | 11:37AM ET
The US Equity rally has been fairly broad-based today, with more than 2.5/1 Advancing issues over declining, despite AAPL's mediocre report. Technology overall is higher by +1.5% and Healthcare is also showing sharp gains, leading all sectors, up by +1.71% with good gains out of CAH-0.25% A-1.04% , ABT1.31% , HOLX0.26% and MDT2.30% . SPX move, as can be seen, held the lower 2% Standard deviation Bollinger Band, and any gains back above this past Tuesday's lows near 5813, would spur on a push back to new highs. I feel that is likely into Election before any November volatility.
