Finance

• US Non-Farm Payroll (NFP) data release is highly anticipated amidst shifting expectations of a Fed rate cut.
• Market predictions for the NFP report vary, with analysts split on expected figures.
• S&P 500 technical analysis reveals a bullish triangle pattern, will the bulls finish the week strong?

NFP Preview: What to Expect

Market participants are waiting on today’s jobs report from the US in a week that has seen geopolitical risk take hold of market sentiment. The Iranian attack on Israel which came without much warning really seemed to spook markets and continues to play a role in Oil and Gold prices in particular. This begs the question… will the jobs report be overshadowed by the geopolitical risk?

Heading into the jobs report and market expectations have seen a significant shift this week following pushback from Fed Chair Powell and others around another 50 bps cut in November. This has seen markets aggressively price in a 25 bps cut which has led to a revival of sorts for the .

The expected payroll figure is 150k, but more attention should be given to the unemployment rate, which is anticipated to remain steady at 4.2%. A slight miss of these expected figures is unlikely to change the Fed outlook but could lead to some short-term spikes across a host of markets.

The data is likely to face scrutiny given that we have seen 16 of the last 19 job reports face a downward revision. This is unprecedented as the 2008 financial crisis did not result in as many downgrades as we have seen this year. Analysts already seem to be split on the print they expect, with UBS and Goldman Sachs predicting 180k and 165k respectively.

Kalshi and Factset however are on the more moderate end of the prediction scale, eyeing a print of 148k and 140k respectively.

Source: BLS, Haver Analytics, BofA Research, Kobeissi Letter

My takeaway from all of this is that we would need to see a significant miss or downward revision to the jobs numbers for any significant movements to take place today. Anything else is likely to result in short-term spikes with little to no follow through.

There are a host of assets that are hovering near key areas of support and resistance which is why the NFP report is still being closely watched. The (DXY), , and are among those assets trading near or at key levels.

As for US Equities, the and are also near recent highs and have also retreated following Powell’s comments this week. The threat of regional war in the Middle East and potential threats to supply chains and oil prices are also keeping markets on edge.

Potential Impact on the S&P 500

Looking at the data release, I have compiled a list of what the potential impact on the S&P 500 could be depending on the wage growth and NFP number.

This is just my expectations and no guarantee that this is the reaction we may get from markets but could be a useful guide.

able Created by Zain Vawda

Technical Analysis S&P 500

Looking at the S&P 500 chart below and the pullback this week has actually been a positive for potential bulls looking to get involved.

The technical triangle pattern which saw a breakout last week is still in play and following the pullback may be ready to continue its move higher. The NFP may just be the catalyst needed to give the S&P the impetus for further upside.

S&P 500 Daily Chart, October 4, 2024

Source: TradingView

Support

Resistance

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• Geopolitical tensions and strong U.S. data have pushed Bitcoin down to support near $60,000.
• Today’s Non-Farm Payroll report may spark volatility, impacting Bitcoin’s recovery.
• Key resistance at $61,500 is vital for Bitcoin’s rebound; a drop below $61,250 could reignite selling pressure.
• Looking for actionable trade ideas to navigate the current market volatility? Unlock access to InvestingPro’s AI-selected stock winners for under $9 a month!

‘s recent decline was triggered by a combination of factors, including geopolitical tensions and better-than-expected U.S. economic data. After a sharp pullback, the coin found support near $60,000.

This price action represents a correction following the impressive rally that drove Bitcoin from an average of $53,700 to $66,000 in early September.

The current decline seems tied to rising geopolitical tensions in the Middle East, along with upbeat U.S. employment data that has strengthened the .

Looking at the bigger picture, the recent labor data has given the Federal Reserve some breathing room to take a more cautious approach to interest rate cuts.

This has become a familiar excuse for the recent pullback in riskier assets like Bitcoin.

Yet, as recession fears in the U.S. begin to fade and the Fed’s interest rate outlook appears more dovish, the medium-term outlook for Bitcoin and other cryptocurrencies looks more promising.

Today’s report, along with figures and , could shake things up, leading to increased volatility as the weekend approaches.

If today’s employment numbers align with previous figures, we might see more demand for the dollar, which could slow Bitcoin’s recovery.

On the flip side, weaker data could lead the Fed to consider larger interest rate cuts, potentially boosting risk appetite if geopolitical tensions remain steady.

What Lies Ahead for Bitcoin?

This recent correction in Bitcoin has raised questions about its reputation as a safe haven—often likened to “digital gold.”

With geopolitical risks on the rise, investors seem to be flocking to dollar-denominated assets and , resulting in Bitcoin’s notable 8% decline this week.

The cryptocurrency is starting to resemble a tech stock more than a safe haven asset. This trend is reminiscent of what we saw back in April when Iran first attacked Israel, where a lack of immediate response eased tensions temporarily.

However, the current anticipation of a possible retaliation from Israel continues to weigh heavily on investor sentiment, putting pressure on Bitcoin’s demand.

As traders look to today’s employment data, how the market reacts will be crucial. Strong numbers could further boost the dollar and hinder Bitcoin’s rebound.

On the other hand, weaker figures might revive interest in crypto assets, but significantly poor data could reignite recession fears and lead to a sell-off in risky investments. Ideally, a balanced outcome would keep the market stable.

Key Support and Resistance Levels for Bitcoin

From a technical perspective, the last couple of days have shown that selling pressure in the Bitcoin market is easing.

As a result, Bitcoin opened the final trading day of the week with a renewed sense of buying interest, finding support around the $60,000 mark.

Today’s upward movement is important for turning the Fibonacci 0.382 level at $61,250 into a solid support area.

If Bitcoin can hold gains above $61,500 early in the day, it could encourage more buyers to step in, possibly pushing prices back toward the $63,000-$65,000 range.

Taking a closer look at Bitcoin’s recent downward trend on a 4-hour chart reveals that $61,500 is a key resistance level for continuing the recovery.

If daily closes exceed this mark, investors could set their sights on the $63,000-$63,750 range. A strong breakout above this resistance could spark further upward momentum.

On the downside, slipping below an average of $61,250 might reignite selling pressure, potentially sending BTC back below $60,000 toward the next support level at $58,300.

A drop below the $58,000 support could lead Bitcoin to test the lower channel band, aligning with the $53,000 region.

: Will It Reach the Demand Zone?

Ethereum has once again faced rejection at the $2,700 level during its latest attempt to reverse the downward trend that has persisted throughout the year.

This recovery effort looks similar to price movements from July.

Right now, ETH is grappling with the descending trend line, and if it can close daily above this line, it could reignite its push toward the $2,700 mark after facing resistance at $2,460 and $2,620.

If Ethereum can clear the $2,700 hurdle, it would mark a crucial step toward reversing the downward trend.

On the flip side, if it fails to maintain momentum, we might see the formation of lower peaks and continued bearish sentiment.

Should ETH close below $2,350, it would remain stuck under the descending trend line, possibly accelerating toward the last demand zone at $2,100 if a new selling wave hits.

***

Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that all assets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk is at the investor’s own risk. We also do not provide any investment advisory services.

• Humana has been trending down since 2022, but this latest dip feels extreme.
• Elevance shares were recently at highs and should trend back there soon.
• BioMarin had a tricky September, but the technical setup is bullish for the near term.

Everybody loves finding or getting a good deal, and it’s no different when it comes to stocks. One of the most popular technical indicators for helping investors find these is the Relative Strength Index (RSI).

Every stock has one. It works by considering a stock’s recent performance over the past 14 trading days and spitting out a number ranging from 0 to 100. An RSI reading of more than 70 suggests extremely overbought conditions, while a reading below 30 suggests the opposite. The more extreme the reading, the more extreme the suggested condition of the stock.

With the benchmark back up around all-time highs since the confirmed it was cutting rates, investor sentiment is clearly still bullish. This makes it all the more interesting when you then see a stock selling hard. Any indication that the selling might be verging on overdone or that the bears are running out of steam can mean a quick bounce is in store. With that in mind, here are three stocks with RSI readings that suggest they’re extremely oversold.

Wall Street Sees Opportunity in Humana’s Oversold Condition

Humana (NYSE:), the for-profit health insurance company, has been selling off for over two years. Considering the gains the broader market has registered in this timeframe, the Louisville-based company’s underperformance will be a bitter pill.

Its shares were down more than 50% in that timeframe and went back into trading at 2017 levels. Despite beating analyst expectations in its Q2 earnings report over the summer, things have only gotten worse, with Wednesday’s negative update on membership numbers the latest headwind to deal with.

At one point on Wednesday, Humana shares were trading more than 30% off where they closed last week, resulting in an RSI reading of just 15. This is the stock’s lowest reading in 16 years, a fact that hasn’t gone unnoticed by Wall Street. This isn’t a company to be holding for the long run, but the strong buying action all the way into Wednesday’s close suggests there’s a fast and hard bounce kicking off that can be capitalized on.

Elevance Health’s Oversold RSI Suggests Significant Upside Potential

Though not quite as extreme as Humana’s, Elevance Health (NYSE:) RSI reading of 26 does suggest the Indianapolis health insurer is extremely oversold.

Compared to Humana, however, there’s a lot more to like about Elevance for the long term, not least the fact that the company was trading at all-time highs as recently as July.

While its stock has been softening since the first week of September, it gapped down on Wednesday’s open. This was almost certainly off the back of Humana’s negative update, and already, it’s being treated as an entry opportunity.

Elevance shares gained into Wednesday’s close and were trading up in Thursday’s pre-market session. Considering how low their RSI still is, however, there’s clearly a ton more room for them to run.

BioMarin Stock Holds Firm After Sharp Decline, Bulls Eyeing Comeback

Pharmaceutical companies often experience this, as they depend heavily on positive results from drug and treatment trials rather than more standard fundamental performance for their stock’s direction.

September gave a good example of just how exposed these companies can be, even to updates from their peers in this regard. When positive results from an Ascendis Pharma (NASDAQ:) trial were announced, they were seen as a threat to BioMarins’ ongoing Voxzogo trials.

BioMarin shares lost more than 20% immediately, but the bears could not take it any lower. They have been consolidating since then, which suggests the bulls could soon be back in control. With BioMarin’s RSI still only at 26, though, while its MACD edges closer to a bullish crossover, this one has all the feel of a comeback rally.

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• October has opened with stocks signaling a correction amid rising geopolitical tensions.
• Watch key support levels in the S&P 500 and Nasdaq 100 as futures remain mixed ahead of a crucial jobs report.
• With a Fed rate decision on the horizon, expect increased volatility.
• Looking for actionable trade ideas to navigate the current market volatility? Unlock access to InvestingPro’s AI-selected stock winners for under $9 a month!

As October kicks off, stock markets are shifting gears, indicating the onset of a correction phase after a lengthy bull run.

The escalating geopolitical tensions in the Middle East are fueling risk aversion among investors, prompting a flight to safety as the regains strength.

Currently, and futures are slightly up ahead of a crucial .

This report will influence the Federal Reserve’s decision on whether to cut rates by 50 or 25 basis points in November.

US Jobs Report

If the figures align with consensus expectations, they are unlikely to alter the broader macroeconomic outlook dramatically.

Yesterday’s labor market data offered further indications of a cooling trend, with weekly ticking up slightly from the previous week.

This backdrop sets the stage for a potentially volatile trading session today. Traders should remain vigilant for fluctuations in volatility while monitoring key support levels in these major indexes.

Nasdaq 100: Bulls Take a Breather for Now

After an impressive surge, the Nasdaq 100 finds itself in a corrective phase, as the supply zone around 20,500 points comes under pressure.

Although the correction has slowed, a negative scenario could see the index retreat to around 18,400 points, marking the first area of concern for traders.

A breakout above 20,500 points would signal a return to the bullish trend, likely triggering a fresh attempt to reach historical highs.

S&P 500: Bulls Hold Strong

Among the major indices, the S&P 500 demonstrates remarkable resilience, registering only a modest 1% correction in recent days. Currently, it’s resting on a support level of 5,760 points, established by previous historical highs.

If this support breaks, the index could head south toward the next target around 5,420 points, where September’s lows lie. However, the overarching bullish trend remains intact, and no significant indicators suggest a permanent reversal.

Correction Gains Momentum on DAX

The , Germany’s main stock index, reached new historical highs around 19,500 points, only to face a dynamic correction that has wiped out most of last week’s gains.

The index is now testing a crucial support level at 19,000 points. A breach here seems increasingly likely, which could further fuel downward momentum.

As declines gather pace, traders should keep an eye on the local lows around 18,200 points. Should demand bounce back in this area, it could present a compelling buying opportunity aligned with the long-term bullish trend.

***

Disclaimer: This article is written for informational purposes only. It is not intended to encourage the purchase of assets in any way, nor does it constitute a solicitation, offer, recommendation or suggestion to invest. I would like to remind you that all assets are evaluated from multiple perspectives and are highly risky, so any investment decision and the associated risk is at the investor’s own risk. We also do not provide any investment advisory services.

• Barrick Gold shows strong financial performance, solid revenue growth, and a healthy financial position.
• Gold prices are currently high, driven by investor demand and central bank purchases, creating a favorable environment for gold mining companies.
• Despite positive factors, volatility in the gold market and Barrick Gold’s share price require investors to assess their risk tolerance and employ appropriate investment strategies.

With prices reaching a new peak of $2,653.98 per troy ounce, marking a significant year-to-date surge of 28.71%, investors understandably turn their attention to the gold market and the companies poised to benefit from this upward trend. As a traditional safe haven investment, gold often attracts investors seeking to hedge against inflation and economic uncertainty. The current surge in demand, driven by central banks and investors seeking portfolio diversification, has further fueled interest in this sector. Barrick Gold (NYSE:), a leading gold mining company, is at the forefront of this industry, presenting a compelling investment opportunity for those seeking exposure to the precious metal.

Strong Financials, A Steady Foundation

Barrick Gold’s financial performance underscores its solid standing in the gold mining industry. The company recently reported a 20.11% increase in quarterly revenue compared to the same period last year, signaling strong growth and financial health. This financial performance, coupled with a significant market capitalization of around $36 billion, positions Barrick Gold favorably to capitalize on the positive trends in the gold market. Furthermore, Barrick Gold’s debt-to-equity ratio (D/E), currently at a healthy 0.15, demonstrates responsible debt management, a key factor for investors concerned about financial risk. This strong financial foundation creates a solid base for potential future growth and makes Barrick Gold a more attractive investment for those seeking exposure to the gold market.

A Look at Barrick Gold’s Share Price

Despite the recent surge in gold prices, the gold market remains inherently volatile, which presents opportunities and challenges for investors in gold mining companies like Barrick Gold. While the recent 52-week high of $21.21 reflects a favorable period for the stock, it has also dipped to a low of $13.76, showcasing the potential for significant fluctuations. Barrick Gold’s share price has shown resilience, with a one-year performance of +39.79% and a year-to-date gain of +12.44%.

Barrick Gold Corp (GOLD) Price Chart for Friday, October, 4, 2024

For investors considering Barrick Gold, this volatility necessitates carefully assessing their risk tolerance and investment goals. While the company’s solid financials and the favorable gold market present opportunities, price fluctuations in Barrick Gold’s stock price underscore the importance of a long-term perspective and a thorough understanding of the potential risks. While Barrick Gold’s share price has demonstrated resilience, the short-term fluctuations highlight the need for a disciplined investment approach, potentially using strategies like dollar-cost averaging or focusing on longer-term holding periods.

Central Banks Fuel a Gold Rush, Boosting Barrick Gold’s Prospects

The gold market is experiencing increased demand from investors seeking portfolio diversification and a safe haven asset, and there is a significant appetite for gold among central banks. This trend, mainly driven by China, is a key factor fueling the strength of the gold market. In 2023 alone, China purchased 1,037 tonnes of gold, a substantial amount, further solidifying its position as the world’s largest gold holder. The first quarter of 2024 saw even more aggressive buying by central banks, marking the fourth-strongest quarter of purchases since 2022.

This growing demand from central banks underscores the increasing perception of gold as a safe haven asset, a trend that could continue to drive gold prices higher in the coming months and years. This surge in demand, combined with the existing strong appetite from investors, creates a favorable backdrop for gold mining companies like Barrick Gold. As a leading gold producer with a solid financial foundation and ambitious growth strategies, Barrick Gold is well-positioned to capitalize on this trend, potentially benefiting from higher gold prices and increasing investor interest.

A Growth Trajectory: Expansion and Sustainability

Barrick Gold is focused on maximizing its current performance and actively investing in its future growth through strategic expansion projects and a commitment to sustainable mining practices. This dual focus strengthens the company’s appeal to investors seeking long-term value and a responsible approach to mining.

The company is pursuing several significant projects designed to increase production capacity significantly. These include the Goldrush mine in Nevada, projected to reach an annual output of over 400,000 ounces by 2028, and the Fourmile project, which has the potential for annual production in excess of 500,000 ounces over two decades. These expansion efforts showcase Barrick Gold’s commitment to future growth, potentially leading to higher production levels and increased profitability.

Barrick Gold’s dedication to sustainable mining practices further solidifies its commitment to responsible operations. The company has developed an innovative biodiversity tool designed to assess its impact on biodiversity across its operations. This tool provides tangible metrics that inform actionable conservation strategies and helps Barrick Gold measure its performance against concrete goals. This proactive approach, combined with the company’s commitment to local communities and economic development, reinforces its image as a responsible and forward-thinking company.

A Balanced Perspective: Time to Buy?

Barrick Gold presents a compelling opportunity for those seeking exposure to the gold market. The company’s strong financial foundation and commitment to growth and sustainability position it favorably to capitalize on the strong global demand for gold. The positive trends in the gold market, fueled by factors like central bank purchases and increasing investor interest, are creating a favorable environment for gold mining companies like Barrick Gold.

Considering Barrick Gold’s current position, strategies like dollar-cost averaging or focusing on long-term holding periods could be considered. Ultimately, Barrick Gold offers a solid investment opportunity with potential for growth and long-term value for those seeking exposure to the gold market.

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• Momentum investing revolves around the notion that companies that have gone up recently will continue to do so.
• Looking over the past 10 years, investing in a momentum-based ETF has outperformed the S&P 500.
• I’ll outline three momentum companies that I feel have particularly strong characteristics.

Momentum investing is based on the idea that stocks that have risen recently will tend to keep rising and that stocks that have fallen tend to keep falling. In 1993, researchers Narasimhan Jegadeesh and Sheridan Titman at UCLA brought the idea forward.

Momentum investing has held up over the past 10 years. Looking at the iShares MSCI USA Momentum Factor ETF (NYSE:), it’s seen that the fund has outperformed the over that period. The fund has notched a cumulative total return of 251%, versus the 245% total return of the .

Below I’ll point out three of my favorite companies that are currently considered momentum stocks.

1. Intuitive Surgical: Revolutionizing the Operating Table

Intuitive Surgical’s (NASDAQ:) shares have provided a total return of 66% over the past twelve months, beating out the S&P 500 by 30%. This company stands out due to the incredible products it has built. Its primary product is the da Vinci robot.

This is a remotely controlled robot that assists doctors in performing surgeries. Its main advantage is in reducing the human error involved in surgeries. It eliminates the risk of things like hand tremors in surgeons and can make smaller, more precise cuts than a human. This reduces the invasiveness of surgeries and allows patients to have shorter recovery times.

Even after being around for over 10 years, the company is still seeing very solid revenue growth, coming in at 14% last quarter. The company continues to become more and more profitable. It increased its gross margin by over 150 basis points from last year. Its operating margin rose by nearly 200 basis points. Its operating margin is higher than 91% of companies in the US healthcare sector. Its dominant market position created through its leading technology allows it to maintain and increase these margins.

2. The Role of Artificial Intelligence in Dell’s Growth Strategy

Over the past twelve months, Dell Technologies Inc (NYSE:)’s shares have returned a total of 67%. Unlike Intel (NASDAQ:), Dell is one of the legacy U.S. tech companies that have been able to successfully navigate the changing landscape. The rise of new technology firms and the advent of artificial intelligence necessitated that these companies shift their business toward the AI and data center vector.

Dell has done exactly that. Dell was traditionally known as a personal computer (PC) company. Now, nearly half its business comes from its Infrastructure Solutions Group. Within this segment, it sells AI-optimized servers to data centers. The company has seen massive growth in the sales of these servers, up 80% in just one quarter. Sales of these servers last quarter topped their combined total sales in Dell’s fiscal 2024.

This rapid expansion is good to see, and the company still has a $3.8 billion backlog in AI server orders it is working to fulfill. Dell could start to look even better if its PC business picks up again. Growth in that business was 0% last quarter. But, it’s possible growth could reignite as people and businesses need to replace aging devices and want PCs that can internally handle GenAI.

3. Eli Lilly: Dominating Pharmaceutical Growth

Eli Lilly (NYSE:) is another healthcare stock with a very strong market position. It’s the world’s largest drug company, with a market cap over $250 billion higher than the next closest company. Its gross and operating margins rank in the top three among the 10 largest pharmaceutical companies in the US, Canada, and Europe.

The company’s stock has provided a total return of 66% over the past twelve months, and 295% over the past three years. It’s done so largely off the back of its GLP-1 drugs for diabetes and weight loss. Mounjaro and Zepbound are leading the charge right now for Lilly. The drugs’ sales increased 71% and 140% in just one quarter.

These drugs are driving growth, but Lilly has an edge over its GLP-1 rival, Novo Nordisk (NYSE:). It is less reliant on its GLP-1 drugs at this point. In the first six months of 2024, these drugs accounted for over 66% of Novo’s sales, compared to just 46% for Lilly. Additionally, Lilly is taking GLP-1 market share from Novo. Mounjaro and Zepbound appear to be significantly more effective in helping patients lose weight compared to Novo’s Ozempic and Wegovy.

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• Tracking Congress members’ trades is a good way to find some of the best investments: they tend to outperform the broad market.
• Investors can use two ETFs to get exposure to the group: one for Democrats and the other for Republicans.
• Aggregated analysts’ data suggests both ETFs will hit new highs later this year.

Whether or not members of Congress have insider knowledge of a business is irrelevant: they certainly have insider knowledge of the government, legislation, and foreign affairs that will impact the stock market and the stocks they own. That’s why members of Congress so often outperform the broad market and why more investors than ever are following their trades. MarketBeat.com has tools to help investors track Congress’s most recent and hottest trades, but other tools are available. Investors who want to use an ETF for broad exposure with less hassle may choose one of these aptly ticketed issues.

1. Democrats Lead the Charge in Technology-Focused Investments

The Subversive Unusual Whales Democratic ETF (NYSE:) uses data aggregated by Unusual Whales to produce a portfolio based on the trading of Democratic members of Congress. The ticker symbol NANC is an homage to Nancy Pelosi, among the richest members of Congress with a net worth near $0.250 billion and a prolific trader. She and her fellow Democrats tend to invest heavily in technology stocks, with nine of the top ten portfolio holdings in that sector. The number one is NVIDIA (NASDAQ:), at more than 10%, followed by Microsoft (NASDAQ:), Alphabet (NASDAQ:), and Amazon (NASDAQ:). The single outlier is Disney, a leading consumer name providing deep value to investors in 2024.

Shares of NANC have been up 50% since the ETF’s inception and are trending higher, aided by the AI revolution. The latest activity shows the market consolidating near record highs, supported by the long—and short-term EMAs and solid volume. Volume has subsided from the peaks set earlier this year but remains strong and will likely be reinvigorated following the Q3 reporting season.

NVIDIA alone is expected to grow its revenue by 75%, on top of the 200% gain posted last year, and will likely beat the consensus. Since before 2020, NVIDIA has outperformed 100% of the time regarding top- and bottom-line results. Coincidentally, the U.S. government is considering allowing NVIDIA to sell chips to Saudi Arabia so it can build its own AI models, which will be another multi-billion dollar market when opened.

MarketBeat aggregates the ratings of stocks within the Subversive Unusual Whales Democratic ETF. According to its data, the ETF is rated as a Moderate Buy based on nearly 1,100 analysts’ reports. The reports cover 50 companies or more than 80% of the NANC portfolio, providing a relatively high conviction level. Trends in stocks like NVIDIA and Microsoft are positive, implying a nearly 10% upside for the ETF at the consensus and a high likelihood of an even higher high.

2. Republicans Focus on Capital-Returning Stocks for Steady Gains

Republicans are invested in NVIDIA and tech to a lesser degree, with NVIDIA only 5% of the Subversive Unusual Whales Republican ETF (NYSE:) compared to 12% for NANC. The result is underperformance in the share price, with KRUZ shares up only 25% from its inception and 35% from the low to the high.

However, Republicans’ choices include capital-returning names in the financial, industrial, and energy sectors like JPMorgan (NYSE:), Comfort Systems (NYSE:), and National Fuel Gas (NYSE:), so the total returns help to offset the difference. Capital returns include dividends, distribution growth, and share count-reducing repurchases, such as Comfort Systems’ recently expanded one million share authorization.

The aggregated analyst rating for KRUZ is a Moderate Buy, based on over 925 reports. The group sees KRUZ advancing nearly 5% above the all-time high, leading to higher highs with revisions, but that trend may end soon. Names like JPMorgan have issued profit warnings for Q3 that have already capped gains.

However, the top fifty holdings represent only 67% of the portfolio, revealing a more diversified approach than the Democrats, so volatility is likely limited. The critical target for support is near $30.

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